Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the Adjusted Trial Balance, calculate the total assets, liabilities, common stock, dividends, revenues, and expenses. Enter those amounts in the expanded accounting equation. SMART

Using the Adjusted Trial Balance, calculate the total assets, liabilities, common stock, dividends, revenues, and expenses. Enter those amounts in the expanded accounting equation.

SMART TOUCH LEARNING
Adjusted Trial Balance
December 31, 2016
Balance
Account Title Debit Credit
Cash 16,600
Accounts Receivable 9,200
Office Supplies 200
Prepaid Rent 11,100
Furniture 19,400
Accumulated Depreciation--Furniture 6,600
Accounts Payable 2,200
Salaries Payable 500
Interest Payable 300
Unearned Revenue 5,500
Notes Payable 7,700
Common Stock 61,400
Dividends 28,400
Service Revenue 11,100
Depreciation Expense--Furniture 2,200
Interest Expense 300
Rent Expense 3,300
Salaries Expense 3,800
Supplies Expense 800
Total 95,300 95,300

Assets

=

Liabilities

+

Common Stock

-

Dividends

+

Revenues

-

Expenses

correct

=

correct

+

correct

-

correct

+

correct

-

incorrect

A single underline below a cell represents subtotal.

A double underline below a cell represents grand total.

HINT

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_2

Step: 3

blur-text-image_3

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

Ethical Obligations and Decision Making in Accounting Text and Cases

Authors: Steven Mintz, Roselyn Morris

4th edition

978-1259543470, 1259543471, 978-1259730191

More Books

Students also viewed these Accounting questions

Question

Question 1 (a2) What is the reaction force Dx in [N]?

Answered: 1 week ago