Activity 3.a - Compare and Contrast the Adjusted Trial Balance and the Expanded Accounting Equation

Using the adjusted trial balance, calculate the total assets, liabilities, owner capital, owner withdrawals, revenues, and expenses. Enter those amounts in the expanded accounting equation.

SMART TOUCH LEARNINGAdjusted Trial BalanceDecember 31, 2016BalanceAccount TitleDebitCreditCash18,500Accounts Receivable10,200Office Supplies200Prepaid Rent12,300Furniture21,600Accumulated Depreciation--Furniture7,400Accounts Payable2,400Salaries Payable600Interest Payable300Unearned Revenue6,100Notes Payable8,600Bright, Capital68,400Bright, Withdrawals31,700Service Revenue12,300Depreciation Expense--Furniture2,400Interest Expense300Rent Expense3,700Salaries Expense4,300Supplies Expense900Total106,100106,100

Assets

=

Liabilities

+

Owner, Capital

-

Owner, Withdrawals

+

Revenues

-

Expenses

incorrect=

incorrect+

correct-

correct+

correct-

correct