Question

Using the following information, prepare a trial balance. Assume all asset, dividend, and expense accounts have debit balances and all liability, stockholders’ equity, and revenue accounts have credit balances. List the accounts in the following order: assets, liabilities, stockholders’ equity, dividends, revenues, and expenses. Cash $ 5,600 Dividends $ 400 Salaries Payable 600 Rent Expense 1,500 Prepaid Rent 800 Accounts Receivable 3,400 Accounts Payable 1,500 Common Stock 5,200 Retained Earnings 1,300 Service Revenue 6,100 Salaries Expense 2,000 Advertising Expense 1,000

Answer 1

Answer:

Explanation:

In trial balance, there are two columns namely debit columns and credit columns. The total of debit and credit columns should always be matched.  

The debit columns records assets and expenses side

whereas, the credit column record revenue, stockholder equity, and the liability side.  

The preparation of the trial balance is presented in the spreadsheet. Kindly find the attachment below: