At September 30, Balance Corporation reported the following unadjusted amounts for its accounts, each of which is considered to be a normal account balance. Prepare an unadjusted trial balance. Accounts Payable$12,000Accounts Receivable 1,000Advertising Expense 400Cash 85,000Common Stock 64,000Equipment 60,000Notes Payable 36,000Rent Revenue 42,000Retained Earnings 24,800Supplies 1,400Supplies Expense 600Utilities Expense 2,000Salaries and Wages Expense 28,400
What will be an ideal response?
| BALANCE CORPORATION Unadjusted Trial Balance At September 30 | ||
| ? | ? | ? |
| ? | Debit | Credit |
| Cash | $ 85,000 | ? |
| Accounts Receivable | 1,000 | ? |
| Supplies | 1,400 | ? |
| Equipment | 60,000 | ? |
| Accounts Payable | ? | $ 12,000 |
| Note Payable | ? | 36,000 |
| Common Stock | ? | 64,000 |
| Retained Earnings | ? | 24,800 |
| Rent Revenue | ? | 42,000 |
| Advertising Expense | 400 | ? |
| Supplies Expense | 600 | ? |
| Utilities Expense | 2,000 | ? |
| Salaries and Wages Expense | 28,400 | |
| Totals | $178,800 | $178,800 |
You might also like to view...
If company managers decide to set the export price for a particular product at an amount equivalent to the home-country price, they would be using which approach to pricing?
A) ethnocentric B) polycentric C) regiocentric D) geocentric E) extension pricing
GreenLawn Co. provides landscaping services to clients. On May 1, a customer paid GreenLawn $72,000 for 6-months services in advance. GreenLawn's general journal entry to record this transaction will include a:
A. Credit to Unearned Revenue for $72,000. B. Credit to Accounts Receivable for $72,000. C. Credit to Cash for $72,000. D. Debit to Unearned Revenue for $72,000. E. Debit to Accounts Receivable for $72,000.
When inventories are written down due to the application of the lower-of-cost-or-market (LCM) rule, which of the following is usually increased?
A) Cost of goods sold B) Inventories C) Operating expenses D) Accumulated depreciation--inventory
Establishing a need for chocolate or other desires (rather than needs) can be ________.
Fill in the blank(s) with the appropriate word(s).