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11 when is the trial balance usually prepared a after each entry is journalized b be 4300874

11) When is the trial balance usually prepared?

A) after each entry is journalized

B) before financial statements are prepared

C) after financial statements are published

D) at the beginning of an accounting period

12) The following are the ending month's balances for Toys Galore.

 

Accounts payable 

$6,790

Revenue

8,680

Cash

4,500

Expenses 

1,050

Furniture

8,370

Accounts receivable      

7,710

Capital

   930

Notes payable

5,230

 

What is the total amount of credits for the trial balance?

A) $21,630

B) $16,400

C) $20,580

D) $30,310

Match the following.

 

A) trial balance

 

13) A list of all the ledger accounts with their balances

 

14) Given a random list of accounts with their normal balances, prepare a trial balance for Sanders Mobile as of December 31, 2013. List the accounts in the appropriate order.

 

Capital$75,200

Building55,000

Accounts receivable19,500

Note payable63,000

Service revenue68,000

Supplies2,500

Advertising expense12,800

Land48,000

Equipment9,800

Salary expense47,000

Accounts payable34,000

Withdrawals15,500

Utilities expense19,800

Cash?  ?  ?

15) A new employee with little accounting knowledge prepared the following trial balance. Prepare a corrected trial balance as of December 31, 2014, based on the incorrect trial balance and the additional data.

Dillon's Publishing Service

Trial Balance

December 31, 2014

 

DebitCredit

Cash$ 35,000

Accounts receivable11,500

Office supplies1,500

Prepaid insurance800

Office equipment14,000

Accounts payable$18,000

Note payable9,250

Martin Dillon, Capital34,000

Martin Dillon, Withdrawals2,800

Service revenue71,300

Salary expense9,200

Rent expense7,500

Advertising expense      3,500_______

Total$140,400$77,950

 

Additional data:

– All accounts have a normal balance.

– Service revenue has a transposition error.

– Note payable is understated by $7,250.

 

 

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