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  • Account Debit Credit: Furniture Repair Shop Trial Balance As of December 31, 2016

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    Celestial Vortex
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    This trial balance for a furniture repair shop as of December 31, 2016 shows assets of $209,500 in cash, $20,000 in accounts receivable, $10,000 in prepaid rent, and $88,000 in shop supplies and machinery. Liabilities include $20,000 in accounts payable and $300,000 in capital from owner G. Lim, with $15,000 withdrawn for drawings. Revenues of $75,000 from sales are offset by expenses of $5,000 for delivery, $24,000 for salaries, $1,500 for communications, and unspecified amounts for rent and shop supplies.

    Original Description:

    Balancing Trial.

    Original Title

    Trial Balance

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    This trial balance for a furniture repair shop as of December 31, 2016 shows assets of $209,500 in cash, $20,000 in accounts receivable, $10,000 in prepaid rent, and $88,000 in shop supplies and machinery. Liabilities include $20,000 in accounts payable and $300,000 in capital from owner G. Lim, with $15,000 withdrawn for drawings. Revenues of $75,000 from sales are offset by expenses of $5,000 for delivery, $24,000 for salaries, $1,500 for communications, and unspecified amounts for rent and shop supplies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    8 views1 page

    Account Debit Credit: Furniture Repair Shop Trial Balance As of December 31, 2016

    Uploaded by

    Celestial Vortex
    This trial balance for a furniture repair shop as of December 31, 2016 shows assets of $209,500 in cash, $20,000 in accounts receivable, $10,000 in prepaid rent, and $88,000 in shop supplies and machinery. Liabilities include $20,000 in accounts payable and $300,000 in capital from owner G. Lim, with $15,000 withdrawn for drawings. Revenues of $75,000 from sales are offset by expenses of $5,000 for delivery, $24,000 for salaries, $1,500 for communications, and unspecified amounts for rent and shop supplies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Furniture Repair Shop

    Trial Balance
    As of December 31, 2016
    Account

    Debit

    Cash

    209,500.0
    0

    Accounts Receivable

    20,000.00

    Prepaid Rent

    10,000.00

    Shop Supplies

    8,000.00

    Machinery

    80,000.00

    Credit

    Accounts Payable

    G. Lim, Capital

    300,000.0
    0

    G. Lim, Drawing

    15,000.00

    Sales

    75,000.00

    Rent Expense
    Shop Supplies
    Expense

    Delivery Expense

    5,000.00

    Salaries Expense
    Communications
    Expense

    24,000.00

    Total

    1,500.00

    2,000.00
    375,000.
    00

    375,000.
    00

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