When preparing the trial balance, record the balances of the accounts in the order in which...
When preparing the trial balance, record the balances of the accounts in the order in which they appear in the general ledger.
Select one:
True
False
Homework Answers
Answer : False
Trial Balance is Prepeared with the Following order
- Assets
- Liabilites
- Common Stock and Retained Earnings
- Dividends
- revenues
- Expenses
It is not recorded on the Ledger order
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When preparing the trial balance, record the balances of the
accounts in the order in which...
the total debit balances agreed to the total credit balances on the trial balance. this means...
the total debit balances agreed to the total credit balances on the trial balance. this means that there are no errors in the general ledger. true or false
Question 12 1 pts A trial balance is prepared directly from a company's general ledger O...
Question 12 1 pts A trial balance is prepared directly from a company's general ledger O True O False Question 13 1 pts When a trial balance balances it means that the ending balances in the various accounts are correct. O True O False
The balances of the revenue accounts are recorded in the Trial Balance Credit column, the Adjusted...
The balances of the revenue accounts are recorded in the Trial Balance Credit column, the Adjusted Trial Balance Credit column, and the Balance Sheet Credit column of the worksheet True or False True False
Which of the following statements regarding a trial balance is incorrect? a. A trial balance is...
Which of the following statements regarding a trial balance is incorrect? a. A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. b. A trial balance is a test of the equality of debits and credits in the ledger. c. A trial balance helps to identify the period in which an error has been made. d. A trial balance provides a convenient list of the accounts that...
At a given point in time, a business's trial balance is a list of all of...
At a given point in time, a business's trial balance is a list of all of its general ledger accounts and their balances. False OR True
16.5. The trial balance lists the balances for all general ledger accounts. If all activities have...
16.5. The trial balance lists the balances for all general ledger accounts. If all activities have been properly recorded, the total of all debit balances in various accounts should equal the total of all credit balances; if not, a posting error has occurred. How can one detect such an error?
Exercise 3-21A Recording events in the general journal, posting to T-accounts, and preparing a trial balance...
Exercise 3-21A Recording events in the general journal, posting to T-accounts, and preparing a trial balance The following events apply to Davis Dry Cleaners in 2013, its first year of operations: 1. Received $45,000 cash from the issue of common stock. 2. Earned $37,500 of service revenue on account. 3. Incurred $15,000 of operating expenses on account. 4. Received $30,000 cash for performing services. 5. Paid $12,000 cash to purchase land. 6. Collected $33,000 of cash from accounts receivable. 7....
Cornerstone Exercise 2-26 (Algorithmic) Preparing a Trial Balance Listed below are the ledger accounts for Borges...
Cornerstone Exercise 2-26 (Algorithmic) Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances. $27,170 12,850 Service Revenue Cash Accounts Payable Common Stock Rent Expense 2,825 15,000 Dividends 2,400 1,500 4,300 Salaries Expense 16,485 Equipment Accounts Receivable Advertising Expense 5,700 1,760 Required: Prepare a trial balance for Borges at December 31, 2019. If an amount box does not require an entry, leave it blank. Borges Inc. Trial Balance...
LOS 13-17A. Trial Balance and Financial Statements The following account balances, in alphabetical order, are from...
LOS 13-17A. Trial Balance and Financial Statements The following account balances, in alphabetical order, are from the general ledger of Milo's Waterproofing Service at January 31. The firm began business on January 1. All accounts have normal balances. Accounts payable...... Accounts receivable. Advertising expense.. Cash.......... .. Common stock ...... Dividends.......... Interest expense........... $ 3,500 19,000 1,420 12,600 29,740 2.000 50 Notes payable.... Rent expense... Salaries expense .. Service fees earned. Supplies ....... Supplies expense.. Utilities expense.... $ 5,000 1,500 8,000...
What is the correct order of the accounting cycle? Prepare financial statements Record adjusting journal entries...
What is the correct order of the accounting cycle? Prepare financial statements Record adjusting journal entries and update ledger balances < Prepare unadjusted trial balance > Analyze transactions based on source documents < Record journal entries in general journal and update general ledger > Prepare adjusted trial balance Prepare post closing trial balance < Record closing entries
Question 12 1 pts A trial balance is prepared directly from a company's general ledger O True O False Question 13 1 pts When a trial balance balances it means that the ending balances in the various accounts are correct. O True O False
The balances of the revenue accounts are recorded in the Trial Balance Credit column, the Adjusted Trial Balance Credit column, and the Balance Sheet Credit column of the worksheet True or False True False
16.5. The trial balance lists the balances for all general ledger accounts. If all activities have been properly recorded, the total of all debit balances in various accounts should equal the total of all credit balances; if not, a posting error has occurred. How can one detect such an error?
Exercise 3-21A Recording events in the general journal, posting to T-accounts, and preparing a trial balance The following events apply to Davis Dry Cleaners in 2013, its first year of operations: 1. Received $45,000 cash from the issue of common stock. 2. Earned $37,500 of service revenue on account. 3. Incurred $15,000 of operating expenses on account. 4. Received $30,000 cash for performing services. 5. Paid $12,000 cash to purchase land. 6. Collected $33,000 of cash from accounts receivable. 7....
Cornerstone Exercise 2-26 (Algorithmic) Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances. $27,170 12,850 Service Revenue Cash Accounts Payable Common Stock Rent Expense 2,825 15,000 Dividends 2,400 1,500 4,300 Salaries Expense 16,485 Equipment Accounts Receivable Advertising Expense 5,700 1,760 Required: Prepare a trial balance for Borges at December 31, 2019. If an amount box does not require an entry, leave it blank. Borges Inc. Trial Balance...
LOS 13-17A. Trial Balance and Financial Statements The following account balances, in alphabetical order, are from the general ledger of Milo's Waterproofing Service at January 31. The firm began business on January 1. All accounts have normal balances. Accounts payable...... Accounts receivable. Advertising expense.. Cash.......... .. Common stock ...... Dividends.......... Interest expense........... $ 3,500 19,000 1,420 12,600 29,740 2.000 50 Notes payable.... Rent expense... Salaries expense .. Service fees earned. Supplies ....... Supplies expense.. Utilities expense.... $ 5,000 1,500 8,000...
What is the correct order of the accounting cycle? Prepare financial statements Record adjusting journal entries and update ledger balances < Prepare unadjusted trial balance > Analyze transactions based on source documents < Record journal entries in general journal and update general ledger > Prepare adjusted trial balance Prepare post closing trial balance < Record closing entries
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