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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Exercise 2-53 Preparing a Trial Balance Preparation

The fo1lowing accounts and account balances are available for Badger Auto Parts at December 31, 2019:

Chapter 2, Problem 53E, Exercise 2-53 Preparing a Trial Balance Preparation The fo1lowing accounts and account balances are

Required:

Prepare a trial balance. Assume that 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.

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.

Explanation
    Badger Auto PartsTrial Balance
    December 31, 2019
    Accounts DebitCredit
    Cash3,200
    Accounts Receivable40,800
    Inventory60,500
    Prepaid Rent15,250
    Furniture128,000
    Accumulated Depreciation - Furniture$47,300
    Accounts Payable8,500
    Interest Payable1,800
    Income Taxes Payable3,600

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