Use Summer's Chart of Accounts to prepare a Trial Balance* at December 31, 2020. Assume that Summer has made all the necessary adjustments for the end of the year, but the financial statements have not yet been prepared. It is recommended that you print the Trial Balance (on the second tab of this Excel workbook), then manually insert the account names, balances (in the correct debit or credit columns), and totals. Notice that the Chart of Accounts is alphabetized; however, the Trial Balance must be prepared in financial statement sequence. Thus, for the Trial Balance, the accounts must be listed in this sequence: Assets** (listed in order of liquidity, with current assets preceding non-current assets) Liabilities (listed in order of maturity, with current liabilities preceding non-current liabilities) Equity Dividends Revenues** Expenses (listed in the order that they would be presented on the income statement: COGS, operating expenses***, interest expense, then income tax expense.)

* Hint: The trial balance totals should equal the total of ALL account balances divided by 2. ** Any contra account must be presented in sequence, immediately following the account to which it relates. *** There are several operating expenses; they should be presented in order of magnitude (from largest to smallest).

Accounts Accounts Payable $ 17,000 Accounts Receivable 44,000 Accum. Deprec. - Property & Equip. 20,000 Additional Paid-in Capital 99,000 Advertising Expense 7,000 Allowance for Doubtful Accounts 2,000 Bank Service Expense 500 Bonds Payable 70,000 Cash 6,800 Common Stock 1,000 Cost of Goods Sold 250,000 Credit Card Discounts 800 Depreciation Expense 10,000 Dividends 11,200 Income Tax Expense 10,800 Income Taxes Payable 1,000 Insurance Expense 2,200 Interest Expense 7,000 Merchandise Inventory 25,000 Payroll Tax Expense 6,500 Prepaid Insurance 200 Property & Equipment 150,000 Rent Expense 1,800 Repairs & Maintenance Expense 1,000 Retained Earnings (Beg. of Year) 2,000 Salaries & Wages Expense 96,000 Sales Discounts 1,200 Sales Returns & Allowances 5,000 Sales Revenue 460,000 Utilities Expense 8,000 Warranty Expense 27,000