Question
Fiona of Fancy Physio has provided the account balances for her business for the year ending 31 December 2021. Fiona is not sure if her
Fiona of Fancy Physio has provided the account balances for her business for the year ending 31 December 2021. Fiona is not sure if her ledger is in balance and has asked you to identify and total her debits and credits to create her trial balance.
Account Name | Account Balance | Debit / Credit |
Accounts Payable | $ 11,500 | |
Accounts Receivable | $ 16,400 | |
Accumulated Depreciation | $ 75,700 | |
Advertising Expense | $ 200 | |
Building | $ 525,000 | |
Capital | $ 300,000 | |
Cash at Bank | $ 172,213 | |
Depreciation expense | $ 24,000 | |
Drawings | $ 1,500 | |
Equipment | $ 102,845 | |
GST Payable | $ 2,533 | |
Insurance expense | $ 300 | |
Interest received | $ 625 | |
Land | $ 400,000 | |
Mortgage payable | $ 365,000 | |
Prepaid advertising | $ 2,400 | |
Salaries expense | $ 9,500 | |
Services Revenue | $ 499,000 |
b) Total value of Debit balances = $
c) Total value of Credit balances = $
Required:
a) Label each of the account balances as either a Debit (Dr) or a Credit (Cr) in the space provided.
b) Total the debit account balances and insert the value in the space provided
c) Total the credit account balances and insert the value in the space provided
Step by Step Solution
3.38 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
Account Name Account Balance Debit Credit Accounts Payable 11500 Credit Accounts Receivable 16400 De...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started