Answer:
Hickory Furniture Company
Unadjusted Trial Balance
As of December 31, 2019
Accounts Title Debit Credit
Accounts Payable $42,770
Accounts Receivable $116,900
Cash 33,320
Elaine Wells, Capital 75,000
Elaine Wells, Drawing 24,000
Fees Earned 745,230
Insurance Expense 3,600
Land 50,000
Miscellaneous Expense 9,500
Notes Payable 50,000
Prepaid Insurance 21,600
Rent Expense 48,000
Supplies 4,275
Supplies Expense 6,255
Unearned Rent 12,000
Utilities Expense 26,850
Wages Expense 580,700
Totals $925,000 $925,000
Explanation:
a) Data and Calculations:
Accounts Title Debit Credit
Accounts Payable $42,770
Accounts Receivable $116,900
Cash ?
Elaine Wells, Capital 75,000
Elaine Wells, Drawing 24,000
Fees Earned 745,230
Insurance Expense 3,600
Land 50,000
Miscellaneous Expense 9,500
Notes Payable 50,000
Prepaid Insurance 21,600
Rent Expense 48,000
Supplies 4,275
Supplies Expense 6,255
Unearned Rent 12,000
Utilities Expense 26,850
Wages Expense 580,700
Totals $891,680 $925,000
Cash = $925,000 - $891,680 = $33,320
b) The unadjusted Trial Balance lists the general ledger account balances of Hickory Furniture Company before the adjustment of accounts. It is the first trial balance that is prepared.
