Question

Blue Spruce Corp. reports the following ledger account balances at June 30, 2022:

Cash $1832
Accounts receivable 2858
Inventory 3904
Prepaid rent 96
Equipment 390
Accumulated depreciation-equipment 66
Accounts payable 910
Unearned rent revenue 136
Common stock 246
Retained earnings 6800
Service revenue 382
Interest revenue 76
Salaries and wages expense 170
Insurance expense 98

Required:
What are total credits on the companyâs trial balance at June 30, 2022?

Answer 1

Answer:

Blue Spruce Corp.

The total credits on the company's trial balance at June 30, 2022 are:

Accumulated depreciation-equipment $66

Accounts payable                                   910

Unearned rent revenue                         136

Common stock                                      246

Retained earnings                              6800

Service revenue                                    382

Interest revenue                                     76

Totals                                               $8,616

Explanation:

a) Data and Calculations:

Blue Spruce Corp.

Trial Balance as at June 30, 2022:

Accounts Title                         Debit      Credit

Cash                                       $1832

Accounts receivable               2858

Inventory                                 3904

Prepaid rent                                96

Equipment                                390

Accumulated depreciation-equipment $66

Accounts payable                                   910

Unearned rent revenue                         136

Common stock                                      246

Retained earnings                              6800

Service revenue                                    382

Interest revenue                                     76

Salaries and wages expense 170

Insurance expense                  98

Totals                                $9,348   $8,616

b) The totals show that the trial balance is not in balance.  This may be as a result of errors of omissions, commissions, transposition, etc.