Question

Vaughn manufacturing reports the following ledger account balances at june 30, 2025: cash $1088 accounts receivable 2988 inventory 3814 prepaid rent 96 equipment 300 accumulated depreciation-equipment 62 accounts payable 918 unearned rent revenue 138 common stock 216 retained earnings 6750 service revenue 380 interest revenue 80 salaries and wages expense 170 insurance expense 88 assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at june 30, 2025?

Answer 1

To find the total credits on the trial balance, add together all of the credit balances from the ledger accounts. The total credits for Vaughn Manufacturing on June 30, 2025, would be $8,544.

Step-by-step explanation:

To calculate the total credits on Vaughn manufacturing's trial balance as of June 30, 2025, we would list and sum all of the credit balances from the ledger accounts provided. Credit balances typically include liabilities, equity, and revenue accounts. Here is the breakdown:

• Accounts Payable: $918
• Unearned Rent Revenue: $138
• Common Stock: $216
• Retained Earnings: $6750
• Service Revenue: $380
• Interest Revenue: $80
• Accumulated Depreciation-Equipment: $62

Adding these together, the total credits equal $8,544