Below is the trial balance of Heron Company at the end of November. AccountsBalances Cash ............. $12,000
Question:
Below is the trial balance of Heron Company at the end of November.
AccountsBalances
Cash ............. $12,000
Accounts Receivable..... ?
Rent Expense........1,000
Supplies ...........5,000
Equipment, net ......... 19,000
Accounts Payable ........7,000
Service Revenue ....... 40,000
Utilities Payable .......1,000
Unearned Revenue .......6,000
Common Stock ....... 19,000
Utilities Expense .......2,000
Retained Earnings ....... 15,000
Salaries Payable ........2,000
Salaries Expense ........9,000
Insurance Expense ......6,000
Advertising Expense .....1,000
Supplies Expense ....... 10,000
Dividends .........3,000
Prepaid Insurance ......4,000
Legal Fees Expense .....6,000
Required:
Prepare a trial balance by placing amounts in the appropriate debit or credit column and determining the balance of the Accounts Receivable account.
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
Accounts Debits Credits Cash 12000 Accounts Receivab...View the full answer
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
