Exercise 218 Prepare a trial balance LO26 Below is the compl

Exercise 2-18 Prepare a trial balance (LO2-6) Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have their normal debit or credit balance. Supplies, $1,100, Buildings $38,000; Salaries Payable, $300, Common Stock, $18,000, Accounts Payable, $1,350, Utilities Expense, $2,000, Prepaid Insurance, $1,100; Service Revenue, $17,800, Accounts Receivable $2,500, Cash, $1,800, Salaries Expense, $4,700, Retained Earnings, $13,750. Required: Prepare a trial balance with the list of accounts in the following order assets, liabilities, stockholders\' equity, revenues, and expenses. COBRAS INCORPORATED Trial Balance March 31 Accounts Debit Credit

Solution

Note:- Shareholder\'s equity = Common stock + retained earnings

Trial Balance
Accounts	Debit	Credit
Cash	1800
Accounts receivable	2500
Supplies	1100
Prepaid insurance	1100
Buildings	38000
Salary payable		300
Accounts payable		1350
Common stock		18000
Retained earnings		13750
Service revenue		17800
Utilities expense	2000
salaries expense	4700
Total	$51200	$51200