Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided
Question:
Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances).
Adjustments needed:
• Accrued interest revenue on investments at period end, $2,200
• Insurance still unexpired at end of the period, $12,000
Accounts payable Accounts receivable Investments Cash Common stock Dividends Prepaid insurance Insurance expense Land Notes payable (long term) Salaries expense Sales revenue $ 18,000 4,000 88,000 19,000 30,000 16,000 20,000 8,000 26,000 55,000 37,000 115,000
Step by Step Answer:
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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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