Question

The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts payable $1,500 Fees earned $8,600 Accounts receivable 1,800 Insurance expense 1,300 Supplies 500 Rent expense 1,500 Prepaid insurance 2,000 Land 8,000 Cash 3,200 Wages expense 1,400 Office equipment 1,800 Retained earnings 5,500 Dividends 1,200 Common stock 9,200 Unearned rent 1,600 Total liabilities are

Answer 1

Answer:

$3,100

Explanation:

Given the following information about Monroe Entertainment Co.

Accounts payable = $1,500

Fees earned = $8,600

Accounts receivable = $1,800

Insurance expense = $1,300

Supplies = $500

Rent expense = $1,500

Prepaid insurance = $2,000

Land = $8,000

Cash = $3,200

Wages expense = $1,400

Office equipment = $1,800

Retained earnings = $5,500

Dividends = $1,200

Common stock = $9,200

Unearned rent = $1,600

Liability accounts are Accounts payable and Unearned rent

Therefore,

Total liabilities = $1,500 + $1,600

                        = $3,100