Below is the complete list of accounts of Fightin’ Blue Hens Incorporated and th

Question

Below is the complete list of accounts of Fightin’ Blue Hens Incorporated and the related balance at the end of March. All accounts have their normal debit or credit balance. Supplies, $1,310; Building, $45,300; Salaries Payable, $340; Common Stock, $25,000; Accounts Payable, $6,470; Utilities Expense, $2,840; Prepaid Insurance, $1,370; Service Revenue, $16,700; Accounts Receivable, $3,330; Cash, $2,670; Salaries Expense, $6,190; Retained Earnings, $14,500.

Required:
Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders’ equity, revenues, and expenses.

Explanation / Answer

Trial Balance (Assets) Cash 2,670 DR A/R 3,330 DR Supplies 1,310 DR Prepaid Ins. 1,370 DR Building 45,300 DR (Liabilities) A/P 6,470 CR Salaries Payable 340 CR (Stockholders Eq.) Common Stock 25,000 CR Retained Earnings 14,500 CR (Revenues) Service Revenue 16,700 CR (Expenses) Salaries Exp. 6,190 DR Utilities Expense 2,480 DR *Add all DR's and it should equal the CR'S, it wouldn't let me put it in column format in this answer box, so sorry about that. *Note that assets are listed in order of liquidity

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