The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at June 30, 2021:

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.

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Accounts Payable Accounts Receivable Cash Equipment Interest Expense J. Saggit, Capital J. Saggit, Drawings Land Notes Payable Prepaid Expenses Rent Expense Salaries Expense Service Revenue $12,500 $30,000 10,250 8,000 4,500 7,500 63,050 5,000 550 18,250 500 28,000 12,000 64,000 Supplies Utilities Expense