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A local travel agency gives you a list of accounts and balances at the end of...

A local travel agency gives you a list of accounts and balances at the end of the year. All balances are the accounts normal balance. Prepare a trial balance in the correct order and then answer the following questions.

Sales Revenue $59,600

Salaries Expenses $28,500

Owners Equity $40,085

Cash at Bank $13,000

Supplies Expense $5,200

Accounts Receivable $21,200

Supplies On Hand $8,500

Rent Expenses $15,600

Equipment $31,500

Accounts Payable $11,100

Salaries Payable $2,800

Bank Fees $85

Bank Loan $10,000

How many asset accounts are there?

 Answer 1

What are total current assets

 Answer 2

What is the total of all Debits?

 Answer 3

What are total liabilities?

 Answer 4

Will Owners Equity increase or decrease

 Answer 5

What is the total of all accounts that have a normal Credit balance?

 Answer 6

Has the travel agency had a Profit or Loss?

 Answer 7

What is the balance of all expenses

 Answer 8

What are total assets

What is the profit or loss?

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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