Question

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Question 18 of 18 < - / 8 Question 11 Multiple Choice -12 Not started View Policies Question 12 Multiple Choice -72 Not started Current Attempt in Progress From the ledger balances given below, prepare a trial balance for the Sheffield Company at June 30, 2020. All account balances are normal. Question 13 Multiple Choice -72 Not started Accounts Payable $10,800, Cash $8,800, Owner's Capital $18,000, Owner's Drawings $3,900. Equipment $17,300, Service Revenue $12,700, Accounts Receivable $5,700, Salaries and Wages Expense $2,100, and Rent Expense $3,700. Question 14 Multiple Choice -72 Not started SHEFFIELD COMPANY Trial Balance Question 15 Multiple Choice -72 Not started Debit Credit Question 16 Accounting Dropdown - / 6 Not started $ $ Question 17 Accounting Dropdown - / 6 Not started Viewing Question 18 Accounting Dropdown - / 8 Not started I O Type here to search e g D 9:28 PM 9/21/2020 Lr Ps W P u

Answer 1

Trial Balance:

• · A Trial Balance is a list of accounts and their balances at a given time.
• · It prepares at the end of an accounting period.
• · Debit balances appear in the left column and Credit balances appear in the right column.
• · It ensures an arithmetical accuracy of debit and credit side.
• · It’s a necessary checkpoint for uncovering certain types of errors in journalizing and posting.

SHEFFIELD COMPANY Trial Balance June, 30,2020 Debit Credit Cash $ 8,800 Accounts Receivable $ 5,700 Equipment $ 17,300 Accounts Payable $ 10,800 Owner's Capital $ 18,000 Owner's Drawings $ 3,900 Service Revenue $ 12,700 Salaries and Wages Expense $ 2,100 Rent Expense $ 3,700 Totals $ 41,500 $ 41,500 $

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