Trial Balance The accounts in the ledger of Atlantic Furniture Company as of Jul

Question

Trial Balance The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted $33,450 Accounts Payable Accounts Receivable Cash Common Stock Dividends Fees Earned Insurance Expense Land Miscellaneous Expense Notes Payable Prepaid Insurance Rent Expense Retained Earnings 66,850 126,100 36,000 557,100 10,600 152,650 15,600 72,000 5,000 105,800 29,900

Explanation / Answer

Debit Credit Cash 38300 Account receivable 66,850 supplies 3,350 prepaid insurance 5,000 land 152,650 Accounts payable 33,450 unearned rent 16,200 notes payable 72,000 Common stock 126,100 Retained earnings 29,900 Dividends 36,000 fees earned 557,100 wages expense 312,000 rent expense 105,800 utilities expense 74,650 Miscellaneous expense 15,600 supplies expense 13,950 insurance expense 10,600 total 834750 834750

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