Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable Land Notes Payable Equipment Cash Accounts Receivable Buildings Capital Stock Retained Earnings Multiple Choice On January 2 Year 2, Montauk Oll collected $46,000 of its accounts receivable and paid $16,000 of its accounts payable. In a trial balance prepared at December 31, Year 1 the total of the debit column is: $1,000,000. O $1,504,000. O $684,000. $ 106,000 196,000 256,000 156,000 $760,000. 76,000 96,000 236,000 336,000 66,000

Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable Land Notes Payable Equipment Cash Accounts Receivable Buildings Capital Stock Retained Earnings Multiple Choice On January 2 Year 2, Montauk Oll collected $46,000 of its accounts receivable and paid $16,000 of its accounts payable. In a trial balance prepared at December 31, Year 1 the total of the debit column is: $1,000,000. O $1,504,000. O $684,000. $ 106,000 196,000 256,000 156,000 $760,000. 76,000 96,000 236,000 336,000 66,000

Name: Montauk Oil Company reports these account balances at December 31, Ye
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Description: Montauk Oil Company reports these account balances at December 31, Year 1Accounts PayableLandNotes PayableEquipmentCashAccounts ReceivableBuildingsCapital StockRetained EarningsMultiple ChoiceOn January 2, Year 2, Montauk Oll collected $46,000 of it

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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