a Thu 6:20 PM 54% L- ect - Ebook X+ e connect.mhed Mayfield Email .11 Analytics

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a Thu 6:20 PM 54% L- ect - Ebook X+ e connect.mhed Mayfield Email .11 Analytics & GoDaddy·WeWorkSlack-TWE XYext ucation.com/connect/hmEBook.do?setTab-sec. go book contents 487 Revenue 3. Post the transactions to T-accounts. Assume the opening balance in each of the accounts is zero. 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. BE2-11 Using the following information, prepare a trial balance. Assume all $6,100 Dividends Cash Salaries Payable Prepaid Rent S 500 2,000 4,400 Accounts Payable Retained Earnings Salaries Expense 700 Rent Expense 900 Accounts Receivable 2,000 Common Stock 2,000 Service Revenue 3,000 Advertising Expense 6,200 7,100 1,100 BE2-12 Your study partner is having trouble getting total debits to equal total credits in the trial balance. Prepare a corrected trial balance by placing each account balance in the correct debit or credit column. Trial Belance Debit Credit $7.300 $2.1

Explanation / Answer

Solution:

BE2-11 --- Here is the Trial Balance

Trial Balance

Debit

Credit

Cash

$6,100

Accounts Receivable

$4,400

Prepaid Rent

$900

Accounts Payable

$2,000

Salaries Payable

$700

Common Stock

$6,200

Retained Earnings

$2,000

Dividends

$500

Service Revenue

$7,100

Salaries Expense

$3,000

Rent Expense

$2,000

Advertising Expense

$1,100

Totals

$18,000

$18,000

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Trial Balance

Debit

Credit

Cash

$6,100

Accounts Receivable

$4,400

Prepaid Rent

$900

Accounts Payable

$2,000

Salaries Payable

$700

Common Stock

$6,200

Retained Earnings

$2,000

Dividends

$500

Service Revenue

$7,100

Salaries Expense

$3,000

Rent Expense

$2,000

Advertising Expense

$1,100

Totals

$18,000

$18,000

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