Based on the following information,what would be the total on the Credit side of a post closing trial balance,assuming all accounts have a normal balance?
$\begin{array}{lrlr}
\text { Cash } & \$ 6,754 & \text { Dividends } & \$ 2,000 \
\text { Accounts receivable } & 13,733 & \text { Consulting fees earned } & 13,71 \
\text { Office supplies } & 2,625 & \text { Rent expense } & 3,67 \
\text { Land } & 37,153 & \text { Salaries expense } & 6,64 \
\text { Office equipment } & 14,535 & \text { Telephone expense } & 560 \
\text { Accounts payable } & 6,463 & \text { Miscellaneous expense } & 280 \
\text { Common stock } & 54,490 & \text { Retained Earnings } & ?
\end{array}$
A)$61,516
B)$74,671
C)$74,800
D)$87,955
E)$81,263

Question

Based on the following information,what would be the total on the Credit side of a post closing trial balance,assuming all accounts have a normal balance?
$\begin{array}{lrlr}
\text { Cash } & \$ 6,754 & \text { Dividends } & \$ 2,000 \
\text { Accounts receivable } & 13,733 & \text { Consulting fees earned } & 13,71 \
\text { Office supplies } & 2,625 & \text { Rent expense } & 3,67 \
\text { Land } & 37,153 & \text { Salaries expense } & 6,64 \
\text { Office equipment } & 14,535 & \text { Telephone expense } & 560 \
\text { Accounts payable } & 6,463 & \text { Miscellaneous expense } & 280 \
\text { Common stock } & 54,490 & \text { Retained Earnings } & ?
\end{array}$ 
A)$61,516
B)$74,671
C)$74,800
D)$87,955
E)$81,263

Quizplus · Accepted Answer

The total on the Credit side of a post-closing trial balance includes Accounts Payable ($6,463), Common Stock ($54,490), and Retained Earnings. Retained Earnings is calculated as the difference between total debits and credits before closing entries. The total debits are $74,800, so the total credits must also be $74,800.

Based on the Following Information,what Would Be the Total on the Credit