Question

Score: 0 of 1 pt 5 of 8 (1 complete) HW Score: 9.38%, 0.75 of 8 pts E3-26 (book/static) Question Help O All Mopped Up Company has journalized the adjusting entries for the period ending December 31, 2018, and posted the adjustments to the following T-accounts. Click the icon to view the T-accounts.) Using this data, prepare an adjusted trial balance, Account Title Debit Credit Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salarles Payable Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Supplies Expense Depreciation Expense-Equipment Insurance Expense Total Enter any number in the edit fields and then click Check Answer.

Answer 1

Transactions are recorded into T Accounts which are than posted to trial balance.

Assets and expenses are debited

Liability and incomes are credited

	Debit	Credit	Explanation
Cash	$800		Cash is an asset with debit balance
Office Supplies	$300		It is an asset with debit balance
Prepaid insurance	$20		It is an asset with debit balance
Equipment	$30,000		It is an asset with debit balance
Accumulated depreciation		$2,500	It is contra asset and deducted from asset
Accounts payable		$2,400	it is a liability with credit balance
salaries Payable		$310	it is a liability with credit balance
unearned revenue		$300	it is a liability with credit balance
Common stock		$15,300	shareholder's equity with credit balance
Dividends	$5,000		It is deducted from shareholder's equity balance
Service revenue		$25,400	it is an income with credit balance
Salaries expense	$7,310		It is an expense with debit balance
supplies expense	$1,700		it is an expense with debit balance
Depreciation expense-equipment	$500		it is an expense with debit balance
Insurance expense	$580		It is an expense with debit balance
Total	$46,210	$46,210

debit and credit of trial balance will always be tallied.