Question

Mallard Company's total debit column is $27,000 on its trial balance. The remainder of the trial balance shows Accounts Payable of $3,000 and Service Revenue of $20,000 and Notes Payable is blank. What is balance for the Notes Payable account if no errors have occurred in the trial balance

Answer 1

The balance for the Notes Payable account if no errors have occurred in the trial balance is $4,000.

Notes payable account

Using this formula

Notes payable=Debit balance-Accounts Payable-Service Revenue

Where:

Debit balance=$27,000

Accounts Payable=$3,000

Service Revenue=$20,000

Let plug in the formula

Notes payable=$27,000-$3,000-$20,000

Notes payable=$4,000

Inconclusion the balance for the Notes Payable account if no errors have occurred in the trial balance is $4,000.

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