Trial Balance November 30, 2019 Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,000 Supplies Inventory 10,000 Tools 5,000 Shop Equipment Accounts Payable 30,000 5,000 Notes Payable 8,000 E. Dedumo, Capital 48,000 E. Dedumo, Withdrawals 2,000 Repairs Income Utilities Expense 40,000 3,000 Salaries and Wages 5,000 Taxes and Licenses 1,000 101,000 Total 101,000 It was learned that there were no errors in both posting and footing processes. It was further gleaned from the General Ledger that all of the above account balances were all in its normal balances. The inexperienced bookkeeper, however, believed his works are correct because the trial balance appeared to be "in-balance". Required: Prepare a correct trial balance.

Trial Balance November 30, 2019 Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,000 Supplies Inventory 10,000 Tools 5,000 Shop Equipment Accounts Payable 30,000 5,000 Notes Payable 8,000 E. Dedumo, Capital 48,000 E. Dedumo, Withdrawals 2,000 Repairs Income Utilities Expense 40,000 3,000 Salaries and Wages 5,000 Taxes and Licenses 1,000 101,000 Total 101,000 It was learned that there were no errors in both posting and footing processes. It was further gleaned from the General Ledger that all of the above account balances were all in its normal balances. The inexperienced bookkeeper, however, believed his works are correct because the trial balance appeared to be "in-balance". Required: Prepare a correct trial balance.

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

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Trial Balance
November 30, 2019
Account Titles
Debit
Credit
Cash in Bank
25,000
Accounts Receivable
20,000
Supplies Inventory
10,000
Tools
5,000
Shop Equipment
30,000
Accounts Payable
5,000
Notes Payable
8,000
E. Dedumo, Capital
E. Dedumo, Withdrawals
48,000
2,000
Repairs Income
40,000
Utilities Expense
3,000
Salaries and Wages
5,000
Taxes and Licenses
1,000
101,000
Total
101,000
It was learned that there were no errors in both posting and footing
processes. It was further gleaned from the General Ledger that all of the
above account balances were all in its normal balances. The inexperienced
bookkeeper, however, believed his works are correct because the trial
balance appeared to be "in-balance".
Required: Prepare a correct trial balance.
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