Question

Elite Inc. has the following balances: Cash ($1,000), Equipment ($10,000), Salaries payable ($5,000), Building ($15,000), Land ($50,000), Equity ($50,000), and Loan payable ($10,000). An accountant prepares a Trial Balance, and it does not tally due to an unknown error. Which amount would the accountant record in a suspense account?

A. $12,000
B.$11,000
C.$13,000
D.$9,000
E.$10,500

Answer 1

E

Explanation:

The answer is E because none of the balances of Elite Inc. offers can account for the $500