Preparing a trial balanceSmithson Floor Coverings reported the following summarized data at December 31, 2018. Accounts appear in no particular order, and all have normal balances.Prepare the trial balance of Smithson Floor Coverings at December 31, 2018. Service RevenueEquipmentRent ExpenseCommon StockAccounts PayableDividends$ 26,000 Salaries Payable36,000 Salaries Expense17,000 Cash24,000 Accounts Receivable2,200 Interest Payable16,100 Utilities Expense$ 25,0001,6007,0003,6006,0001,900

Trial Balance: The Trial balance is a List of Balances at the end of the year, after journalizing…

Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 Salaries Payable 36,000 Salaries Expense 17,000 Cash 24,000 Accounts Receivable 2,200 Interest Payable 16,100 Utilities Expense $ 25,000 1,600 7,000 3,600 6,000 1,900

Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 Salaries Payable 36,000 Salaries Expense 17,000 Cash 24,000 Accounts Receivable 2,200 Interest Payable 16,100 Utilities Expense $ 25,000 1,600 7,000 3,600 6,000 1,900

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Preparing a trial balance

Smithson Floor Coverings reported the following summarized data at December 31, 2018. Accounts appear in no particular order, and all have normal balances.

Prepare the trial balance of Smithson Floor Coverings at December 31, 2018.

Service Revenue
Equipment
Rent Expense
Common Stock
Accounts Payable
Dividends
$ 26,000 Salaries Payable
36,000 Salaries Expense
17,000 Cash
24,000 Accounts Receivable
2,200 Interest Payable
16,100 Utilities Expense
$ 25,000
1,600
7,000
3,600
6,000
1,900

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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