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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  

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