Question

From the ledger balances given below, prepare a trial balance for the Metlock, Inc. at June 30, 2019. All account balances are normal.
Accounts Payable $8,700, Cash $6,400, Common Stock $21,200, Dividends $2,500, Equipment $16,500, Service Revenue $7,700, Accounts Receivable $4,700, Salaries and Wages Expense $4,800, and Rent Expense $2,700.

Answer 1

Answer:

$\left[\begin{array}{ccc}Account&DEBIT&CREDIT\\Cash&6,400&-\\Account\: Receivable&4,700&-\\Equipment&16,500&-\\Account \: Payble&-&8,700\\Common \: Stock&-&21,200\\Dividends&2,500&-\\Serice \: Revenue&-&7,700\\S/W \: expense&4,800&-\\Rent \: expense&2,700&-\\Total&37,600&3,7600\\\end{array}\right]$

Explanation:

Cash assets --> debit balance

AR assets --> debit balance

equipment assets --> debit balance

Account payable liability --> credit balance

CS equity --> credit balance

dvidends --> debit balance

revenue --> credit balance

expenses --> debit balance