Question

Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their normal debit or credit balance. Cash, $2,600; Prepaid Rent, $6,100; Accounts Payable $3,000; Common Stock, $27,000; Service Revenue, $24,100; Salaries Expense, $6,900; Accounts Receivable, $4,800; Land, $47,000; Deferred Revenue, $1,650; Retained Earnings, $19,750; Supplies Expense, $8,100.

Required:
Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.

Answer 1

Sooner Company

Trial Balance

For the month ended April 30, 202x

Debit Credit

Cash $2,600

Accounts Receivable $4,800

Prepaid Rent $6,100

Land $47,000

Accounts Payable $3,000

Deferred Revenue $1,650

Common Stock $27,000

Retained Earnings $19,750

Service Revenue $24,100

Salaries Expense $6,900

Supplies Expense $8,100

Totals $75,500 $75,000

When you are preparing a trial balance, you must report the accounts with their normal balances, e.g. assets have a normal debit balance while equity has a normal credit balance.