9 earning Ou come 2 A er a recen pawer surge, hc accountant salvaged the followi
ID: 2410138 • Letter: 9
Question
9 earning Ou come 2 A er a recen pawer surge, hc accountant salvaged the following Trial Balance which wa i %aved the ore proofing or errors while al t e accoun tit es and accoun balance amounts are correc balances are not listed in the proper order or DebityCredit columns. After making the necessary corrections, what is the correct balancing totals for this Trial Balance? same at the Lockhart Inc. Trial Balance November 30, 2017 Account Title Dalance Credit 4,000 Accounts Recelvable Office Supplies Rent Expense Prepaid Insurance Accounts Payable Funiture Unearned Revenue $500 2,400 25,000 Utlities Payable Service Revenue Lockhart, Withdrawals Lockhart, Capital Salaries Expense Utilities Expense 4,800 2,700 34,000 2,140 (Points: 6)Explanation / Answer
Answer
Expenses, Withdrawals, and Assets account have Debit balance.
Revenues, Liabilities, Capital have Credit balances.
Accounts Title
Debits
Credits
Cash
$ 4,000.00
Accounts receivables
$ 1,300.00
Office Supplies
$ 500.00
Rent Expenses
$ 830.00
Prepaid Insurance
$ 2,400.00
Accounts Payable
$ 300.00
Furniture
$ 2,000.00
Unearned revenue
$ 1,900.00
Land
$ 25,000.00
Utilities payable
$ 220.00
Service Revenue
$ 4,800.00
Lock Hart Withdrawls
$ 2,700.00
Lock hard Capital
$ 34,000.00
Salaries expense
$ 2,140.00
Utilities expense
$ 350.00
Totals
$ 41,220.00
$ 41,220.00
Accounts Title
Debits
Credits
Cash
$ 4,000.00
Accounts receivables
$ 1,300.00
Office Supplies
$ 500.00
Prepaid Insurance
$ 2,400.00
Land
$ 25,000.00
Furniture
$ 2,000.00
Accounts Payable
$ 300.00
Utilities payable
$ 220.00
Unearned revenue
$ 1,900.00
Lock hard Capital
$ 34,000.00
Lock Hart Withdrawals
$ 2,700.00
Service Revenue
$ 4,800.00
Rent Expenses
$ 830.00
Salaries expense
$ 2,140.00
Utilities expense
$ 350.00
Totals
$ 41,220.00
$ 41,220.00
Accounts Title
Debits
Credits
Cash
$ 4,000.00
Accounts receivables
$ 1,300.00
Office Supplies
$ 500.00
Rent Expenses
$ 830.00
Prepaid Insurance
$ 2,400.00
Accounts Payable
$ 300.00
Furniture
$ 2,000.00
Unearned revenue
$ 1,900.00
Land
$ 25,000.00
Utilities payable
$ 220.00
Service Revenue
$ 4,800.00
Lock Hart Withdrawls
$ 2,700.00
Lock hard Capital
$ 34,000.00
Salaries expense
$ 2,140.00
Utilities expense
$ 350.00
Totals
$ 41,220.00
$ 41,220.00
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