Debits Credits Total Assets: ? Total Liabilities: ? Retained Earnings: ? Debits

Question

Debits

Credits

Total Assets: ?

Total Liabilities: ?

Retained Earnings: ?

Debits

Credits

Cash $ 6,672 Accumulated Depreciation—Equipment $ 620 Accounts Receivable 512 Notes Payable 4,386 Prepaid Rent 694 Accounts Payable 740 Supplies 960 Salaries and Wages Payable 385 Equipment 12,729 Interest Payable 79 Dividends 516 Unearned Rent Revenue 358 Salaries and Wages Expense 7,207 Common Stock 12,653 Rent Expense 1,250 Service Revenue 11,051 Depreciation Expense 620 Rent Revenue 1,486 Supplies Expense 214 $31,758 Utilities Expense 305 Interest Expense 79 $31,758

Explanation / Answer

This is tallied trial balance . It means all the double entries have been done and there is no adjustments.

First we will prepare the profit and loss statement and balance sheet from the above trial balance

Total Assets = Total of asset side of Balance sheet = $20947

Total Liabilities =Total assets - Retained Earnings - Common Stock = $20947-$2346-$12653 = $5948

Retained Earnings = Net Profit - Dividend = $2862-$620 = $2346

Statement of profit & loss a/c Debit Amount Credit Amount Salaries and Wages expenses 7207 Service Revenue 11051 Rent expenses 1250 Rent Revenue 1486 Depreciation Expenses 620 Supplies Expense 214 Utilities expense 305 Interest expense 79 Profit 2862

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