List of accounts above. Please include all calculations Prepare a corrected tria

Question

List of accounts above.

Please include all calculations

Prepare a corrected trial balance for Howard Company. All accounts should have a normal balance HOWARD COMPANY Trial Balance For the Quarter Ended 3/31/16 Debit Credit Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Notes Payable Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense $13,000 $25,000 2,500 62,000 16,000 12,000 25,000 40,000 1,500 40,000 14,000 5,000 10,000 $118,500 $147,500

Explanation / Answer

Correct income statement :

Debit credit Cash 13000 Account receivable 25000 Prepaid insurance 2500 Equipment 62000 Account payable 16000 Unearned service revenue 12000 Notes payable 25000 Owner's capital 40000 Owner's drawing 1500 Service revenue 40000 Salary and wages expense 14000 Utilities expense 5000 Rent expense 10000 Total 133000 133000

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