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Balance lists each account and the account balance at the end of the accounting period. Prepare a Trial Balance to verify that the accounting system is in balance$-$total debits should equal total credits.

Adjustments. At the end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date. Adjustments are entered in the Journal using debits and credits.

Adjusted Trial Balance. Prepare an Adjusted Trial Balance $($a Trial Balance after adjustments$)$ to verify that the accounting system still balances.

Financial Reports. Prepare financial statements $($Profit and Loss, Balance Sheet, and Statement of Cash Flows$)$ for external users and internal users. Prepare management reports.

For Mookie The Beagle Coach, we have prepared the Chart of Accounts and entered Transactions. Next, we need to create a Trial Balance, make Adjusting Entries, create an Adjusted Trial Balance, and then prepare Financial Reports for Mookie The Beagle Coach.

TRIAL BALANCE

The purpose of the Trial Balance is to verify that our accounting system balances $($debits equal credits$)$ before we enter adjusting entries.

Required:

Complete the following to prepare a Trial Balance for Mookie The Beagle Coach.

From the Navigation Bar, select Reports

Select Standard report tab

Select Report Category: For My Accountant

Select Trial Balance and complete steps to run the Trial Balance at $02/29/2024$

Export the Trial Balance to Excel.

Answer the following questions about Mookie The Beagle Coach Trial Balance.

What is the amount of Total Debits?

What is amount of Total Credits?

What is balance in the $5035$ Insurance Expense: Liability Insurance Expense account?

What is balance in the $5045$ Office Supplies & Software account?

Note: For all requirements, answer the questions in the table shown below. Round your answers $2$ decimal places.

Amount of total debits

Amount of total credits

Liability insurance expense account

Office supplies and software account