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.

Question

Want to see the full answer?

Answer 1

Question

Chapter 2, Problem 2.16EX

To determine

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, 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 ? Elaine Wells, Capital 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 Rent Expense 48,000 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. For those boxes in which no entry is required, leave the box blank.

"The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in alpha-betical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable$92,400. Notes Payable$25,000 Accounts Receivable 483,600. Prepaid Insurance 21,600 Cash ? Rent Expense140,000 Common Stock75,000 RetainedEarnings 311,600 Dividends 24,000 Supplies3,975 Fees Earned2,750,000 Supplies Expense11,200 Insurance Expense9,000 Unearned Rent6,000 Land50,000. Utilities Expense49,100 Miscellaneous Expense10,200 Wages Expense2,250,000 Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting the missing figure for cash."

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. Accounts Payable $ 42,880 Notes Payable $ 41,000 Accounts Receivable 115,430 Prepaid Insurance 20,400 Cash ? Rent Expense 45,000 Common Stock 15,000 Retained Earnings 51,000 Dividends 22,500 Supplies 4,940 Fees Earned 746,050 Supplies Expense 6,070 Insurance Expense 3,100 Unearned Rent 13,200 Land 41,000 Utilities Expense 26,840 Miscellaneous Expense 9,900 Wages Expense 572,100 Prepare an unadjusted trial balance and insert the missing figure for cash. Unadjusted Trial Balance Prepare an unadjusted trial balance and insert the missing figure for cash. Atlantic Furniture Company UNADJUSTED TRIAL BALANCE July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable…