Assessment

Assessment

Trial Balance

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TRIAL BALANCE Category (Current/Noncurrent Asset/Liability/ Income Statement, Equity) Debit (+) Credit (-) Cash Finished goods Receivables Machinery and Equipment Building Common Stock Bank Loans Accounts Payable Sale of Goods Produced Cost of Goods Sold Depreciation Interest Expense - - AC1420: Week 2 Trial Balance ABC Company is preparing for an audit. To begin with, they are evaluating the balances in each account of the trial balance. Using the attached trial balance, enter the balances for the following accounts: Cash: $7,500 Finished goods inventory: $1,000 Receivables: $500 Machinery and equipment: $3,000 Building: $5,000 Common stock: $11,500 Bank loan (to be repaid in 3 years): $4,000 Accounts payable: $500 Sale of goods produced: $3,000 Cost of goods sold: $1,500 Interest expense: $500 Enter the category (current and non-current asset/liability, equity, income statement). Submission Requirements: Click here to download the template for calculation. Evaluation Criteria: Criteria Did you enter the balances on the Points Assigned Points Earned 50% correct sides? Do the total debits equal the total 50% credits in the template? Page 1