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  • Accounting Practice

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    Tony Yang
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    This document presents a trial balance as of December 31, 2020. It shows assets including cash of $31,200, accounts receivable of $4,200, land of $40,000, and supplies of $300. Liabilities include accounts payable of $46,100 and share capital of $10,000. Equity includes retained earnings of $19,600. The total debits equal the total credits, as the trial balance should be in balance.

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    This document presents a trial balance as of December 31, 2020. It shows assets including cash of $31,200, accounts receivable of $4,200, land of $40,000, and supplies of $300. Liabilities include accounts payable of $46,100 and share capital of $10,000. Equity includes retained earnings of $19,600. The total debits equal the total credits, as the trial balance should be in balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    11 views6 pages

    Accounting Practice

    Uploaded by

    Tony Yang
    This document presents a trial balance as of December 31, 2020. It shows assets including cash of $31,200, accounts receivable of $4,200, land of $40,000, and supplies of $300. Liabilities include accounts payable of $46,100 and share capital of $10,000. Equity includes retained earnings of $19,600. The total debits equal the total credits, as the trial balance should be in balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 6

    ASSETS =

    DR (CR) DR (CR)
    Cash Land (AKA PP&E)
    45000 40000
    40000
    5000
    1200
    4900
    3100
    1800
    26000
    31,200 40,000

    DR (CR) DR (CR)
    Accounts receivable Supplies
    2600 300
    3100
    200

    4500

    4,200 300

    DR (CR)
    ????
    = LIABILITIES + EQUITY

    DR (CR) DR (CR)
    Accounts Payable Share Capital
    45000 10000
    300
    1200

    2000

    46,100 10,000

    DR (CR)
    Retained Earnings / (Accumulated Deficit)
    5000
    2600
    4900
    200
    1800
    18500

    19,600
    AKA Common Stock, Capital Stock 1000 BS Cash
    2000 BS Accounts receivable
    3000 BS Land
    BS Supplies
    BS Accounts payable
    BS Share Capital
    BS Retained Earnings

    IS Revenue
    IS Expenses

    Balance sheet

    Assets

    Current Assets
    Cash
    Accounts receivable
    supplies
    total current assets

    non-current assets Land

    Total ASSETS

    liabilities

    Current Liability
    Account Payable
    total current liabilities

    Long term Liability


    Note payable

    Total Liability
    Equity
    Share capital
    Retained Earnings

    Total Equity
    Trial Balance as of 31.12.2020
    Balance DR = + / (CR) = -
    31200
    ccounts receivable 4200
    40000
    300
    ccounts payable -46100
    -10000
    etained Earnings -19600

    0 should be zero

    Income Statement

    Revenue

    Salary Expense
    Rent Expense
    Utilities Expense

    EBIT
    Earnings before Interest and Tax

    interest expense

    Net income
    Trial balamce
    DR = + / (CR) = -
    Cash
    Accounts receivable
    Land
    Supplies
    Accounts payable
    Note payable
    share capital

    hould be zero

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