Homework Answers
All expenses, dividends and assets have normal debit balances.
All liabilities, revenues and common stock have credit balances.
| IVANHOE COMPANY | ||
| Trial Balance | ||
| December 31, 2017 | ||
| Debit | Credit | |
| Cash | 21,970 | |
| Prepaid insurance | 5,220 | |
| Accounts payable | 3,670 | |
| Unearned service revenue | 3,990 | |
| Common stock | 10,000 | |
| Retained earnings | 6,600 | |
| Dividends | 7,250 | |
| Service revenue | 27,320 | |
| Salaries and wages expense | 12,350 | |
| Rent expense | 4,790 | |
| Total | $51,580 | $51,580 |
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