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pucecat719Lv1
28 Sep 2019
ABC Company is preparing for an audit. To begin with, they areevaluating the balances in each account of the trial balance. Usingthe attached trial balance, enter the balances for the followingaccounts:
Cash: $7,500
Finished goods inventory: $1,000 Receivables: $500
Machinery and equipment: $3,000 Building: $5,000
Common stock: $11,500
Bank loan (to be repaid in 3 years): $4,000 Accounts payable:$500
Sale of goods produced: $3,000
Cost of goods sold: $1,500
Interest expense: $500
Enter the category (current and non-current asset/liability,equity, income statement).
TRIAL BALANCE Category (Current/Non-currentAsset/Liability/
Income Statement, Equity) Debit (+) Credit (-) Cash Current Asset Finished goods Current Asset Receivables Current Asset Machinery and Equipment Non current asset Building Non current asset Common Stock equity Bank Loans Non current asset Accounts Payable current liability Sale of Goods Produced income statement Cost of Goods Sold income statement Depreciation income statement Interest Expense income statement - -
ABC Company is preparing for an audit. To begin with, they areevaluating the balances in each account of the trial balance. Usingthe attached trial balance, enter the balances for the followingaccounts:
Cash: $7,500
Finished goods inventory: $1,000 Receivables: $500
Machinery and equipment: $3,000 Building: $5,000
Common stock: $11,500
Bank loan (to be repaid in 3 years): $4,000 Accounts payable:$500
Sale of goods produced: $3,000
Cost of goods sold: $1,500
Interest expense: $500
Enter the category (current and non-current asset/liability,equity, income statement).
TRIAL BALANCE | ||||
Category (Current/Non-currentAsset/Liability/ Income Statement, Equity) | Debit (+) | Credit (-) | ||
Cash | Current Asset | |||
Finished goods | Current Asset | |||
Receivables | Current Asset | |||
Machinery and Equipment | Non current asset | |||
Building | Non current asset | |||
Common Stock | equity | |||
Bank Loans | Non current asset | |||
Accounts Payable | current liability | |||
Sale of Goods Produced | income statement | |||
Cost of Goods Sold | income statement | |||
Depreciation | income statement | |||
Interest Expense | income statement | |||
- | - |
Jamar FerryLv2
28 Sep 2019