The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2025.
Question:
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2025.
Instructionsa. Prepare a trial balance with the accounts arranged as illustrated in the chapter, and fill in the missing amount for Cash.b. Prepare an income statement, a retained earnings statement, and a classified balance sheet for the month of July 2025.
Accounts Receivable Accounts Payable Cash Equipment Maintenance and Repairs Expense Insurance Expense Notes Payable (due 2028) $13,400 8,400 ? 59,360 1,958 900 28,450 Prepaid Insurance Service Revenue Dividends Common Stock Salaries and Wages Expense Salaries and Wages Payable Retained Earnings (July 1, 2025) $ 2,200 15,500 700 40,000 7,428 820 5,200
Step by Step Answer:
a RAPID DELIVERY SERVICE Trial Balance July 31 2025 Cash 98370Debit total without Cash 8...View the full answer
Accounting Tools For Business Decision Making
ISBN: 9781119791058
8th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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