Table 2-2
the Following Is a List of the Accounts

question 118

Essay

Table 2-2
The following is a list of the accounts and their balances appearing in the ledger of Martin Mann Garage as of December 31, 2019, the company's year end. The accounts are in alphabetical order and have normal balances. $\begin{array} { l r } \text { Accounts payable } & 1,350 \\\text { Accounts receivable } & 3,750 \\\text { Cash } & 1,200 \\\text { Equipment } & 37,800 \\\text { Gasoline expense } & 1,800 \\\text { Martin Mann, Capital } & 19,800 \\\text { Martin Mann, Withdrawals } & 1,500 \\\text { Notes payable } & 33,000 \\\text { Rent expense } & 3,600 \\\text { Repairs expense } & 1,950 \\\text { Salary expense } & 2,100 \\\text { Salary payable } & 300 \\\text { Service revenue } & 24,750 \\\text { Supplies } & 600 \\\text { Supplies expense } & 900 \\\text { Truck } & 24,000\end{array}$
-Refer to Table 2-2. Prepare a trial balance for Martin Mann Garage at December 31, 2019

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Definitions:

Opportunity Cost

The expenditure experienced from not picking the immediate runner-up selection during a choice process.

Economies of Scale

The cost advantage achieved when production becomes efficient, leading to a decrease in the per-unit cost as the volume of production increases.

Autarky

A situation where a country or economy operates in total self-sufficiency, without engaging in international trade.

Production Possibilities

The different quantities of various goods and services that an economy can produce with given resources and technology.