question archive Hong has extracted the following list of balances from her general ledger at 31 December 2021: f Sales 258,542 Opening inventory 9,649 Purchases 142,958 Expenses 34,835 Non-current assets 63,960 Receivables 31,746 Payables 13,864 Cash at bank 1,783 Capital 12,525 What is the total of the credit balances in Hong's trial balance at 31 December 2021? O 267,049 O 284,931 O 275,282 O 283, 148
Hong has extracted the following list of balances from her general ledger at 31 December 2021: f Sales 258,542 Opening inventory 9,649 Purchases 142,958 Expenses 34,835 Non-current assets 63,960 Receivables 31,746 Payables 13,864 Cash at bank 1,783 Capital 12,525 What is the total of the credit balances in Hong's trial balance at 31 December 2021? O 267,049 O 284,931 O 275,282 O 283, 148
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Hong has extracted the following list of balances from her general ledger at 31 December 2021: f Sales 258,542 Opening inventory 9,649 Purchases 142,958 Expenses 34,835 Non-current assets 63,960 Receivables 31,746 Payables 13,864 Cash at bank 1,783 Capital 12,525 What is the total of the credit balances in Hong's trial balance at 31 December 2021? O 267,049 O 284,931 O 275,282 O 283, 148
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A credit is an item that shows a reduction in assets or an increase in liabilities, as well as a reduction in expenses or an increase in revenue (as opposed to a debit that does the opposite). On the income statement, a credit raises net income, whereas a debit decreases net income.
The credits are as follows:
$
Sales 258,542
Payables 13,864
Capital 12,525
284,931
