Fiona of Fancy Physio has provided the account balances for her business for the year ending 31 December 2021.  Fiona is not sure if her ledger is in balance and has asked you to identify and total her debits and credits to create her trial balance.

 

Account Name	Account Balance	Debit / Credit
Accounts Payable	$          11,500
Accounts Receivable	$          16,400
Accumulated Depreciation	$          75,700
Advertising Expense	$                200
Building	$        525,000
Capital	$        300,000
Cash at Bank	$        172,213
Depreciation expense	$          24,000
Drawings	$            1,500
Equipment	$        102,845
GST Payable	$            2,533
Insurance expense	$                300
Interest received	$                625
Land	$        400,000
Mortgage payable	$        365,000
Prepaid advertising	$            2,400
Salaries expense	$            9,500
Services Revenue	$        499,000

b) Total value of Debit balances = $ 

c) Total value of Credit balances = $ 

 

Required:

a) Label each of the account balances as either a Debit (Dr) or a Credit (Cr) in the space provided.

b) Total the debit account balances and insert the value in the space provided  

c) Total the credit account balances and insert the value in the space provided  

Answer rating: 100% (QA)

Account Name Account Balance Debit Credit Accounts Payable 11500 Credit Accounts Receivable 16400 De... View the full answer