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Accounting (Text Only)
Trial balance
The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.
| Accounts Payable | $ 42,770 |
| Accounts Receivable | 116,900 |
| Cash | ? |
| Rent Expense | 48,000 |
| Elaine Wells, Capita | 75,000 |
| Elaine Wells, Drawing | 24,000 |
| Fees Earned | 745,230 |
| Insurance Expense | 3,600 |
| Land | 50,000 |
| Miscellaneous Expense | 9,500 |
| Notes Payable | $ 50,000 |
| Prepaid Insurance | 21,600 |
| Supplies | 4,275 |
| Supplies Expense | 6,255 |
| Unearned Rent | 12,000 |
| Utilities Expense | 26,850 |
| Wages Expense | 580,700 |
Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting the missing figure for cash.
Trial balance:
A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.
Unadjusted trial balance:
The unadjusted trial balance is the summary of all the ledger accounts that appears on the ledger accounts before making adjusting journal entries.
To prepare: An adjusted trial balance and find the missing figure.
Working notes:
In this case, the cash account has been intentionally omitted. The cash account balance is calculated as follows:
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