41) Information for the trial balance is obtained from the:
A) journal.
B) ledger.
C) balance sheet.
D) income statement.
42) The dollar amounts listed on the trial balance are obtained from the:
A) beginning balances in the ledger accounts.
B) ending balances in the ledger accounts.
C) last period's balance sheet.
D) last period's income statement.
43) The trial balance is used to prepare the:
A) balance sheet only.
B) income statement only.
C) statement of retained earnings only.
D) all of the above.
44) Put an "X" in the appropriate box to indicate if the normal balance of an account is a Debit or a Credit balance.
|
NORMAL BALANCE
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NORMAL BALANCE
|
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IS A DEBIT
|
IS A CREDIT
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ACCOUNTS
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|
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Cash
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|
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Service Revenue
|
|
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Accounts Receivable
|
|
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Accounts Payable
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|
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Utilities Expense
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|
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Common Stock
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|
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Notes Payable
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Land
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Retained Earnings
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|
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Dividends
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|
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Rent Expense
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45) Wrobell Company has the following incorrect trial balance available on December 31, 2015:
Account
|
Debit
|
Credit
|
Cash
|
$27,900
|
|
Accounts Receivable
|
$12,800
|
|
Inventory
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$17,300
|
|
Supplies
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$400
|
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Land
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$41,000
|
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Accounts Payable
|
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$21,600
|
Common Stock
|
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$47,100
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Sales Revenue
|
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$33,800
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Salary Expense
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$2,200
|
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Rent Expense
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$1,000
|
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Utility Expense
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$1,000
|
|
Totals
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$103,600
|
$102,500
|
The following errors in the trial balance were made:
1. Recorded $200 cash revenue received by debiting Accounts Receivable for $200 and crediting Revenue for $200.
2. Posted a $1,000 credit to Accounts Payable as $100.
3. Understated Common Stock by $200.
4. Omitted a journal entry that debits Insurance Expense for $3,700 and credits Cash for $3,700.
Prepare a correct trial balance at December 31, 2015. A proper heading is not required.