Chik Chik Company showed ($________) as total credits on its trial balance.

Question

Chik Chik Company showed the following balances at the end of its first year:

Chik Chik Company AccountsItemAmount
Cash	$6,000
Prepaid insurance	9,400
Accounts receivable	7,000
Accounts payable	5,600
Notes payable	8,400
Common stock	2,800
Retained Earnings	5,600

Answer 1

To get the total credit or debit balance, we add up the assets and subtract the liabilities. It's common for the liabilities to be expressed in parenthesis and then you just straight add up the positive and negative numbers.

On this balance sheet; Cash $6,000 + Prepaid Insurance $9,400 + AR $7,000 + Stock $2,800 + RE $5,600 + AP ($5,600) + NP ($8,400)