Montauk Oil Co reports these account balances at December 31

Montauk Oil Co. reports these account balances at December 31, 2017 Accounts Payable Land Notes Payable Equipment Cash Accounts Receivable Buildings Capital stock Retained Earnings $110,000 $200, 000 $260, 000 $160,000 $ 80,000 $100,000 $240,000 $340,000 $ 70,000 On January 2, 2018, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable In a trial balance prepared at December 31, 2017 the total of the debit column is Select one O a. $1,540,000 O b. $780,000. O c. $1,020,000. O d. $700,000.

Solution

Q.1 Calculate total of debit column :

so answer is b) $780000

Cash	80000
Account receivable	100000
Land	200000
Building	240000
Equipment	160000
Total	780000