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Chapter 2: 22E (page 96)

Question:The accounts of Anderson Moving Company follow with their normal balances as of August 31, 2018. The accounts are listed in no particular order. Common Stock \( 49,800 Trucks \) 123,000 Insurance Expense 600 Fuel Expense 1,000 Accounts Payable 4,000 Dividends 5,600 Service Revenue 82,000 Utilities Expense 300 Building 41,000 Accounts Receivable 10,000 Advertising Expense 200 Notes Payable 56,000 Salaries Expense 6,000 Office Supplies 100 Cash 4,000 Prepare Anderson鈥檚 trial balance as of August 31, 2018.

Short Answer

Expert verified

The trial balance is the accounting worksheet with debit and credit sides and the total of trial balance is $191,800

Step by step solution

01

Step-by-Step SolutionStep 1 Definition of trial balance

The trial balance is defined as the accounting worksheet which is prepared to check the accuracy of the account balance in debits and credits.

02

Preparation of Trial Balance

Anderson Moving Company

Trial Balance

August 31, 2018

Account Titles

Debit ($)

Credit ($)

Cash

$4,000

Accounts Receivables

$10,000

Building

$41,000

Trucks

$123,000

Office Supplies

$100

Common stock

$49,800

Insurance expense

$600

Accounts payable

$4,000

Service revenue

$82,000

Advertising Expense

$200

Salaries Expense

$6,000

Fuel Expense

$1,000

Dividends

$5,600

Utility Expense

$300

Notes Payable

$56,000

Total

$191,800

$191,800

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Most popular questions from this chapter

Question:Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance The following transactions occurred during the month for Teresa Parker, CPA:

Jun. 1 Parker opened an accounting firm by contributing \(13,200 cash and office furniture with a fair market value of \)5,300 in exchange for common stock.

5 Paid monthly rent of \(1,300.

9 Purchased office supplies on account, \)600.

14 Paid employee鈥檚 salary, \(1,900.

18 Received a bill for utilities to be paid next month, \)370.

21 Paid \(500 of the accounts payable created on June 9.

25 Performed accounting services on account, \)5,700.

28 Paid cash dividends of $6,700

Requirements 1. Open the following four-column accounts of Teresa Parker, CPA: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Office Furniture, 140; Accounts Payable, 210; Utilities Payable, 220; Common Stock, 310; Dividends, 320; Service Revenue, 410; Salaries Expense, 510; Rent Expense, 520; and Utilities Expense, 530.

Where are transactions initially recorded?

Question:The following transactions occurred for Lawrence Engineering:

Jul. 2 Received \(14,000 contribution from Brett Lawrence in exchange for common stock.

4 Paid utilities expense of \)370.

5 Purchased equipment on account, \(1,600.

10 Performed services for a client on account, \)2,900.

12 Borrowed \(7,100 cash, signing a notes payable.

19 Cash dividends of \)200 were paid to stockholders.

21 Purchased office supplies for $840 and paid cash.

27 Paid the liability from July 5.

Requirements 1. Open the following T-accounts for Lawrence Engineering: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and Utilities Expense.

Identifying increases and decreases in accounts and normal balances Insert the missing information into the accounting equation. Signify increases as Incr. and decreases as Decr.

(a) ASSETS Retained Earnings Common Stock (d) Revenues Expenses Contributed Capital (g) (p) (h) Credit (k) Debit (l) Credit (i) (q) (j) Credit Incr. (r) (m) Credit Decr. (o) (f) Credit (c) LIABILITIES (b)

What is the calculation for the debt ratio? Explain what the debt ratio evaluates.
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