Given a Random List of Accounts with Their Normal Balances

question 155

Short Answer

Given a random list of accounts with their normal balances, prepare a trial balance for Sanders Mobile as of December 31, 2019. List the accounts in the appropriate order. $$\begin{array} { l r } \text { Capital } & \$ 75,200 \\\text { Building } & 55,000 \\\text { Accounts receivable } & 19,500 \\\text { Note payable } & 63,000 \\\text { Service revenue } & 68,000 \\\text { Supplies } & 2,500 \\\text { Advertising expense } & 12,800 \\\text { Land } & 48,000 \\\text { Equipment } & 9,800 \\\text { Salary expense } & 47,000 \\\text { Accounts payable } & 34,000 \\\text { Withdrawals } & 15,500 \\\text { Utilities expense } & 19,800 \\\text { Cash } & ? ? ?\end{array}$$

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Definitions:

Treasury Stock

Shares that were once part of the outstanding shares but were bought back by the company, reducing the amount of stock on the open market.

Loss On Sale

A financial term representing the situation where the selling price of an asset is less than its purchase price.

Common Shares

Equity securities that represent ownership in a company, giving shareholders voting rights and a share in the company’s profits through dividends.

Par Value

The stated value of a stock or bond as designated by the issuer.