Consider the following information from a company’s unadjusted trial balance at

Question

Consider the following information from a company’s unadjusted trial balance at December 31, 2015. All accounts have normal balances.

$25,795.

$20,695.

$19,990.

$17,295.

  Accounts receivable $ 5,600   Accounts payable 705   Cash 1,810   Service revenue 6,930   Common stock 5,100   Equipment 6,000   Insurance expense 455   Land 4,900   Notes payable, due 2018 5,100   Notes receivable, matures 2016 1,310   Prepaid insurance 455   Rent expense 1,455   Retained earning, January 1, 2015 7,960   Salaries and wages expense 3,810

Explanation / Answer

$25,795. Statement showing computations Particulars Debit Amount Credit Amount Accounts Receivable                      5,600.00 Accounts Payable                         705.00 Cash                      1,810.00 Service Revenues                      6,930.00 Common Stock                      5,100.00 Equipment                      6,000.00 Insurance Expense                         455.00 Land                      4,900.00 Notes Payable                      5,100.00 Notes Receivable                      1,310.00 Prepaid Insurance                         455.00 Rent Expense                      1,455.00 Salary and Wage Expense                      3,810.00 Retained Earnings                      7,960.00 Total                   25,795.00                   25,795.00

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