Question

/s3-13 Preparing an adjusted trial balance Steve's Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. $ ? 24,000 550 Cash Land Utilities Payable Accounts Payable Accumulated Depreciation-Equipment Service Revenue Supplies Expense Steve, Withdrawals 3,800 1,500 90,000 700 28,000 Equipment $ 25,000 Accounts Receivable 4,250 Office Supplies 900 Steve, Capital 18,600 Utilities Expense 1,550 Unearned Revenue 600 Depreciation Expense-Equipment 1,800 Salaries Expense 5,200 Prepare the adjusted trial balance for Steve's Tax Services as of December 31, 2016.

Answer 1

Answer-

Steve's Tax Services Adjusted Trial Balance As on December 31, 2016
Account Title	Balance
	Debit ($)	Credit ($)
Cash (see working note)	23,650
Account receivable	4,250
Land	24,000
Equipment	25,000
Accumulated depreciation-equipment		1,500
Office supplies	900
Depreciation expense-equipment	1,800
Supplies expense	700
Utilities expense	1,550
Salaries expense	5,200
Unearned revenue		600
Accounts payable		3,800
Utilities payable		550
Service revenue		90,000
Steve’s Capital		18,600
Steve's Withdrawals	28,000
Total	115,050	115,050

As in trial balance total of debit side is equal to credit side so the balancing figure will be cash balance.

Total of debit side before cash=$91,400

Total of credit side=$115,050

Cash=$115,050-$91,400

=$23,650