The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at June 30,
Question:
The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at June 30, 2024:
Instructions
Prepare a trial balance at June 30, sorting each account into the debit or the credit column.
Taking It Further
J. Saggit believes that, once the trial balance is prepared, if the debits equal the credits, then his financial statements will be error-free. Advise J. Saggit if he is correct in his belief.
Accounts Payable Accounts Receivable Cash Equipment Interest Expense J. Saggit, Capital J. Saggit, Drawings Land $12,500 10,250 8,000 18,250 500 28,000 12,000 64,000 Notes Payable Prepaid Expenses Rent Expense Salaries Expense Service Revenue Supplies Utilities Expense $30,000 3,000 4,500 7,500 63,050 5,000 550
Step by Step Answer:
Taking It Further J Saggit is incorrect in his belief While th...View the full answer
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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