Exercise 2-53 Preparing a Trial Balance Preparation
The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019:
Required:
Prepare a trial balance. Assume that all accounts have normal balances.
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.
Normal Balance:
A normal balance is the usual and expected balance to be shown on the debit or credit side of a particular account. The normal balance of asset and expense accounts is shown on the debit side and liabilities and equity accounts are shown on the credit side.
To Prepare:
Prepare a trial balance containing all the accounts.
Badger Auto PartsTrial Balance December 31, 2019 | ||
Accounts | Debit | Credit |
Cash | 3,200 | |
Accounts Receivable | 40,800 | |
Inventory | 60,500 | |
Prepaid Rent | 15,250 | |
Furniture | 128,000 | |
Accumulated Depreciation - Furniture | $47,300 | |
Accounts Payable | 8,500 | |
Interest Payable | 1,800 | |
Income Taxes Payable | 3,600 | |
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