ZuoTi.Pro
Question

Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments Income tax expense Rent expense Retained earnings Salaries expense Service revenue Unearned revenuePrepare a trial balance for Carland Inc. at June 30, 2018. All accounts have a normal balance. CARLAND INC. Trial Balance Debit Credit

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Explanation of Account Balances (for student understanding):

2 The normal balance can be defined as expected debit or credit that the specific account would have. 3 For example, cash is an asset account, and hence it increases by debits, and so will have a debit balance 4 Normal balance accounts: 5 1. Assets Accounts 6 Normal balance: Debit 7 2. Liability Accounts 8 Normal balance: Credit 9 3. Expense Accounts 10 Normal balance: Debit 11 4. Revenue/Income accounts 12 Normal balance: Credit 13 5. Capital/Equity accounts 14 Normal balance: Credit 15 6. Contra accounts 16 Normal balance: Opposite to the normal account

Normal Account Balances of the accounts that were provided in the question:

17 Identification of the normal balance of each account: Normal Balance 20 Accounts payable Credit 21 Accounts receivable Debit Liability Account Asset Account Accumulated depreciation - 22 equipment 23 Cash 24 Common shares 25 Dividend declared 26 Equipment Credit Debit Credit Debit Debit Contra account Asset Account Capital/equity account Contra account Asset Account Held for 27 trading investments Debit 28 Income tax expense Debit 29 Rent expense 30 Retained earnings Credit 31 Salaries expense 32 Service revenue 33 Unearned revenue Credit Asset Account Expense account Expense account Capital/equity account Expense account Revenue account Liability Account Debit Debit Credit

Trial Balance:

CARLAND Inc. Trial Balance June 30, 2018 Debit 4 Credit 6 Cash 7 Held for trading investment 8 Accounts Receivable $ 2,400 S 5,600 S 4,000 $16,400 Equipment Accumulated depreciation 10- Equipment 11 Dividends declared 12 Accounts Payable 13 (Unearned revenue 14 Common Stock 15 Retained earnings 16 Service revenue 17 Income tax expense 18 Rent expense 19 Salaries expense 20 Total:s 21 3,700 $ 300 3,000 $ 160 $ 9,100 $11,720 S 6,020 S 400 $ 900 S 3,700 $ 33,700 33,700

0 0
Add a comment
Know the answer?
Add Answer to:
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question 9 The following is a list of accounts, in alphabetical order, for Sheridan, Inc. at...

    Question 9 The following is a list of accounts, in alphabetical order, for Sheridan, Inc. at July 31, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable, due 2020 Cash Common shares Depreciation expense Dividends declared Equipment Held for trading investments $9,800 14,300 21,300 38,300 Prepaid insurancee 13,500 Rent expense 38,000 $3,000 1,800 3,700 100 8,700 10,200 20,300 24,700 800 77,900 Income tax expense Insurance expense Interest expense Repairs and maintenance expense 9,500 Retained earnings 800 Salaries expense 98,100...

  • The following is a list of accounts, in alphabetical order, for Sheridan, Inc. at July 31,...

    The following is a list of accounts, in alphabetical order, for Sheridan, Inc. at July 31, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable, due 2020 Cash Common shares Depreciation expense Dividends declared Equipment Held for trading investments $9,800 14,300 21,300 38,300 Prepaid insurancee 13,500 Rent expense 38,000 $3,000 1,800 3,700 100 8,700 10,200 20,300 24,700 800 77,900 Income tax expense Insurance expense Interest expense Repairs and maintenance expense 9,500 Retained earnings 800 Salaries expense 98,100 Salaries payable...

  • Grantham Corporation reports the following ledger account balances at June 30, 2022: Cash $1,662 Accounts receivable...

    Grantham Corporation reports the following ledger account balances at June 30, 2022: Cash $1,662 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Equipment 300 Accumulated depreciation-equipment 52 Accounts payable 82 Unearned rent revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 368 Interest revenue 56 Salaries and wages expense 160 Insurance expense 66 Assuming that all of the accounts have normal balances, what are total credits on the company's trial balance at June 30, 2022? $7,440. $7,526. $7,496. $7,444.

  • Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture...

    Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Vehicles Advertising Expense Bank Loan Payable Bank Loan Receivable Buildings Cash Common Shares Depreciation Expense Dividends Declared Equipment Fees Earned Furniture Income Summary Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Insurance Revenue Interest Expense Interest Payable Interest Receivable Interest Revenue Land Mortgage Payable No Entry Notes Receivable Office Expense Prepaid Advertising Prepaid Expense Prepaid Insurance Prepaid Rent...

  • Splish Brothers Inc. reports the following ledger account balances at June 30, 2022: Cash $1842 Accounts...

    Splish Brothers Inc. reports the following ledger account balances at June 30, 2022: Cash $1842 Accounts receivable 2898 Inventory 3894 Prepaid rent 96 Equipment 310 Accumulated depreciation-equipment 66 Accounts payable 906 Unearned rent revenue 132 Common stock 244 Retained earnings 6730 Service revenue 384 Interest revenue 68 Salaries and wages expense 170 Insurance expense 88 Assuming that all of the accounts have normal balances, what are total credits on the company’s trial balance at June 30, 2022?

  • ccounts from the adjusted trial balance at September 30, 2018, are listed in alphabetical order below...

    ccounts from the adjusted trial balance at September 30, 2018, are listed in alphabetical order below for Ozaki Corp.: Accounts payable $4,460 Income tax payable $200 Accounts receivable 8,600 Interest expense 102 Accumulated depreciation—equipment 750 Interest payable 102 Bank loan payable 7,800 Rent expense 1,500 Cash 3,250 Retained earnings 1,965 Common shares 7,000 Salaries expense 13,040 Depreciation expense 750 Salaries payable 840 Dividends declared 700 Supplies 1,195 Equipment 15,040 Supplies expense 485 Fees earned 22,485 Unearned revenue 480 Income tax...

  • Current Attempt in Progress Morrison Services Ltd. reports the following adjusted account balances, shown in alphabetical...

    Current Attempt in Progress Morrison Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, July 31, 2018: Accounts payable $2,880 Interest expense $1,410 Accounts receivable 19,925 Interest payable 1,320 Accumulated depreciation-equipment 5,715 Prepaid insurance 3,600 Bank loan payable, due 2021 24,700 Rent expense 17,690 Cash 7,490 Rent payable Retained earnings 1,210 Common shares 4,870 5,200 Depreciation expense 2,185 Salaries expense 19,140 Dividends declared 460 Salaries payable 2,150 Equipment 25,400 Service...

  • The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies...

    The adjusted trial balance for Pl Detectives reported the following account balances: Accounts Receivable $590; Supplies $9,900; Prepaid Insurance $8,100; Equipment $32,500; Accumulated Depreciation $4,900; Accounts Payable $290; Deferred Revenue $5,900; Notes Payable $3,900; Common Stock $26,500; Retained Earnings $6,600; Dividends $3,900; Service Revenue $38,300; Salaries and Wages Expense $24,500; and Depreciation Expense $1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance. PIDETECTIVES Adjusted Trial Balance As of December 31 Debit Credit...

  • Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order...

    Question 3 (15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Holden Corp. at September 30, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (not income) to retained earnings 4. Close the...

  • Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of...

    Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of Culver Company at December 31, 2021. All accounts have normal balances. Accounts Payable $3,400 Accounts Receivable 10,000 Accumulated Depreciation—Equipment 2,700 Unearned Revenue 1,000 B. Fairview, Capital 11,200 B. Fairview, Drawings 6,800 Cash 2,300 Depreciation Expense 1,500 Equipment 11,100 Interest Expense 600 Notes Payable 1,900 Office Expense 5,600 Rent Expense 12,000 Salaries Expense 30,000 Salaries Payable 600 Service Revenue 62,960 Supplies 250 Supplies Expense 610...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT