Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts
Question:
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation.
Adjustments needed:
• Salaries due to employees, but unpaid at the end of the period, $2,000
• Insurance still unexpired at end of the period, $12,000
Accounts payable Accounts receivable Cash Common stock Dividends Equipment Prepaid insurance Land Notes payable Retained earnings Insurance expense Service revenue Supplies Salaries expense $ 9,500 14,260 22,222 30,000 5,000 12,000 25,444 20,000 26,000 12,815 12,689 89,550 2,750 53,500
Step by Step Answer:
Adjusted Trial Balance Debit Credit Cash 22222 Accounts Receivable 14260 ...View the full 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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