Question

Below are the account balances of Bruins Company at the end of November. Accounts Cash Balances $31,000 16,000 Account Receivable Supplies Prepaid Rent Equipment Account Payable Salaries Payable Interest Payable | Deferred Revenues Notes Payable Required: Balances Accounts $21,000 Common Stock Retained 31,000 Earnings 1,100 Dividends 1,100 Service Revenue ? Salaries Expense 15,100 Rent Expense 3,100 | Interest Expense 1,100 Supplies Expense 7,100 Utilities Expense 11,000 1,100 46,000 11,000 10,100 1,100 5,100 4,100 Prepare a trial balance by placing amounts in the appropriate debit and credit column and determining the balance on the equipment account.?

Answer 1

To create a trial balance, list all accounts with their balances, separate them into debits and credits, total each column, and ensure that the sums of the debit and credit columns are equal.

Step-by-step explanation:

Preparing a Trial Balance Sheet

To answer the student's question, a trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns. The purpose of a trial balance is to ensure that the total debits equal the total credits in the financial records. Now, let's prepare the trial balance based on the provided account balances. Note that the balance on the equipment account is not directly given, so it would be calculated by ensuring the trial balance is in equilibrium.

Here are the steps to create the trial balance:

1. List all the account titles and their balances.
2. Separate the accounts into debits and credits.
3. Total the debit and credit columns.
4. Ensure that the total debits equal total credits, thus balancing the trial balance.