Question

The accounts in the ledger of Ivanhoe Delivery Service contain the following balances on July 31, 2022.

Answer 1

Answer:

Ivanhoe Delivery Service

Trial Balance

For the month ended July 31, 2022

                                                                    debit            credit

Cash                                                          $12,594

Accounts Receivable                               $15,000

Prepaid Insurance                                     $3,400

Equipment                                               $59,550

Accounts Payable                                                          $10,000

Salaries and Wages Payable                                            $990

Notes Payable (due 2025)                                           $29,650

Common Stock                                                              $40,190

Retained Earnings (July 1, 2022)                                   $6,400

Service Revenue                                                           $17,300

Maintenance and Repairs Expense          $3,758

Salaries and Wages Expense                   $8,628

Insurance Expense                                       $720

Dividends                                                      $880                            

Totals                                                       $104,530       $104,530

Explanation:

cash = ($40,190 + $6,400 + $29,650 + $990 + $17,300 + $10,000) - ($15,000 + $3,400 + $880 + $59,550 + $3,758 + $8,628 + $720) = $104,530 - $91,936 = $12,594