Mathematics

Question

The following accounts appear in the ledger of Monroe Entertainment Co. All accounts have normal balances.
Accounts Payable $1,500 Fees Earned $3,600
Accounts Receivable 1,800 Insurance Expense 1,300
Prepaid Insurance 2,000 Land 3,000
Cash 3,200 Wages Expense 1,400
Drawing 1,200 Capital 8,800

Total assets are
a. $10,000
b. $9,800
c. $9,700
d. $8,000

1 Answer

  • The total assets of Monroe Entertainment Co. are $8,000. Option D is correct.

    • An asset in business is defined as any form of resources owned by an individual or controlled by a business enterprise.

    • From the given account that appears in the ledger of Monroe Entertainment Co, the assets include the account receivables, Land, and Cash.

    Taking the sum of the given assets to get the total asset.

    Total assets =  account receivables + Land + Cash

    Total assets = $ 1,800 + $3,000 + $ 3,200

    Total assets = $8,000

    Hence the total assets of Monroe Entertainment Co. are $8,000

    Learn more on assets here: https://brainly.com/question/23046859

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