Question

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, $53,000; Salaries Payable, $300; Common Stock, $33,000; Accounts Payable, $2,100; Utilities Expense, $3,500; Prepaid Insurance, $1,100; Service Revenue, $19,300; Accounts Receivable, $4,000; Cash, $3,300; Salaries Expense, $6,200; Retained Earnings, $17,500. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.

Answer 1

Cobras Incorporated

Trial Balance

For the Month Ended March 31

Account Debit Credit

Cash $3,300

Account Receivable $4,000

Supplies $1,100

Prepaid Insurance $1,100

Buildings $53,000

Account Payable $2,100

Salaries Payable $300

Common stock $33,000

Retained earnings $17,500

Service Earnings $19,300

Salaries Expenses $6,200

Utilities Expenses $3,500

Total $72,200 $72,200