00:01
Prepare an unadjusted trial balance in the correct format from the following information.
00:06
Assume all accounts have normal balances.
00:10
For a trial balance, it means we are separating our accounts into debits and credits.
00:17
So we'll have the account name, and then we'll have whether it has a debit or a credit normal balance.
00:29
The proper format is to first list our assets in alphabetical order.
00:34
Let's find our assets.
00:37
Accounts receivable, building, cash, equipment, land, and supplies.
00:45
Assets all have a normal debit balance, so i'm going to list all of these accounts and put their debit balances in.
00:52
Accounts receivable, building, cash, equipment, land, and supplies.
01:02
Next, we want to list our liabilities.
01:05
Accounts payable is a liability.
01:08
Notes payable is a liability.
01:12
Liabilities have normal credit balances, so i'm going to list both of these and put their balances as credits.
01:24
Next, i want to account for my common stock and dividends, the equity accounts...