Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Trial Balance The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in alphabetical order as follows. All accounts have

image text in transcribed
image text in transcribed
image text in transcribed
Trial Balance The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted, $92,400 483,600 ? Accounts Payable Accounts Receivable Cash Common Stock Dividends Fees Eamed Insurance Expense Land 75,000 24,000 2,750,000 9,000 50,000 10,200 25,000 21,600 Miscellaneous Expense Notes Payable Prepaid Insurance Rent Expense Retained Earnings Supplies Supplies Expense 140,000 311,600 3,975 11,200 Uneamed Rent 6,000 Utilities Expense 49,100 Uneamed Rent Utilities Expense Wages Expense 6,000 49,100 2,250,000 a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank. Atlantic Furniture Company Uradjusted Trial Balance July 31, 2018 Debit Balances Credit Balances Accounts Payable x 483.600 X Accounts Receivable 2.555.325 x Accounts Payable x 50,000 X Prepaid Insurance 21.400 Supplies Expensex 1975 X Accounts Payable 92,400 24.000 x Dividends x Notes Payable 25.000 Unearned Rent X 6.000 X Common Stock X 75.000 x Dividends X 24,000 X Notes Payable 25,000 Unearned Rent x 6,000 X Common Stock X 75.000 311.600 X 2.750,000 Fees Earned X Fees Earned Prepaid Insurance x Accounts Receivable x 9,000 X 10.300 X Utilities Expense 140,000 X Supplies Expense 11.200 Dividends x 49,100 X Notes Payable 2.250,000 X 114.000 x O X Accounts with debit balances should be placed in the Debt column and those with credit balances are placed in the Credit column. The difference between the column tots should be the missing balance of Cash Leaming Obective Duis

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Committee And Audit Quality

Authors: AMINU ALKASIM FAGO, ENIOLA SAMUEL AGBI, MOHAMMED NMA AHMED

1st Edition

6204209868, 978-6204209869

More Books

Students also viewed these Accounting questions