Exercise 2-18 Prepare a trial balance (LO2-6) Below is the complete list of acco

Question

Exercise 2-18 Prepare a trial balance (LO2-6) Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have their normal debit or credit balance. Supplies, $1,100, Buildings $38,000; Salaries Payable, $300, Common Stock, $18,000, Accounts Payable, $1,350, Utilities Expense, $2,000, Prepaid Insurance, $1,100; Service Revenue, $17,800, Accounts Receivable $2,500, Cash, $1,800, Salaries Expense, $4,700, Retained Earnings, $13,750. Required: Prepare a trial balance with the list of accounts in the following order assets, liabilities, stockholders' equity, revenues, and expenses. COBRAS INCORPORATED Trial Balance March 31 Accounts Debit Credit

Explanation / Answer

Note:- Shareholder's equity = Common stock + retained earnings

Trial Balance Accounts Debit Credit Cash 1800 Accounts receivable 2500 Supplies 1100 Prepaid insurance 1100 Buildings 38000 Salary payable 300 Accounts payable 1350 Common stock 18000 Retained earnings 13750 Service revenue 17800 Utilities expense 2000 salaries expense 4700 Total $51200 $51200

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