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, $1,000; Buildings, $46,000; Salaries Payable, $500; Common Stock, $26,000; Accounts Payable, $1,750; Utilities Expense, $2,800; Prepaid Insurance, $1,200; Service Revenue, $18,600; Accounts Receivable, $3,300; Cash, $2,600; Salaries Expense, $5,500; Retained Earnings, $15,550. Required: Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.

Answer 1

The trial balances of the Cobras Incorporated as of the given date and position will tally a balance of $62,400.

What is a trial balance?

A table that contains all the debit and credit balances from all the ledger books of accounts of a business organization as on a given date is known as the trial balance of such organization.

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Hence, the concept of trial balance has been explained above.

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