Question

The following accounts relate to SnowGo Corporation at December 31, 2020. Equipment $88,000 Common Stock $20,000 Dividends 8,000 Salaries and Wages Payable 2,000 Accounts Payable 22,000 Notes Payable (Short-term) 19,000 Salaries and Wages Payable 42,000 Utilities Expense 3,000 Accounts Receivable 4,000 Prepaid Insurance 6,000 Service Revenue 95,000 Cash 7,000 REQUIRED: Prepare a Trial Balance (20 points). Solution:

Answer 1

Answer:

                   Trial Balance of Snow Go Company

Particulars                                   Debit$       Credit$

Equipment                                   88,000  

Common Stock                                              20,000

Dividends                                     8,000

Salaries and Wages Payables                       2,000

Accounts Payables                                        22,000

Notes Payables(Short Term)                          19,000

Salaries and Wages Expenses    42,000

Utilities Expense                            3,000

Accounts Receivables                   4,000

Prepaid Insurance                          6,000

Service Revenue                                            95,000

Cash                                                7,000                    

TOTAL                                          $158,000  $158,000