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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Brief Exercise 2-34 Preparing a Trial Balance

The following trial balance that was prepared by {he bookkeeper of Mason Company does not balance.

Chapter 2, Problem 34BE, Brief Exercise 2-34 Preparing a Trial Balance The following trial balance that was prepared by {he

Required:

Prepare a correct trial balance. Assume all accounts have normal balances.

To determine

Trial Balance:

A financial statement which integrates all the balance of ledger accounts is termed as a trial balance. The total balance of debit and credit in trial balance should be equal at end of an accounting period.

Prepare the correct trial balance.

Explanation
    Mason Company
    Trial Balance
    December 31, 2019
    Account TitleDebit Credit
    Cash$20,000
    Accounts Receivable10,300
    Supplies1,200
    Prepaid Insurance 1,900
    Accounts Payable $3,000
    Salaries Payable 1,900
    Unearned Service Revenue2,100

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