The Following List of Accounts Was Taken from the General

question 149

Essay

The following list of accounts was taken from the general ledger of Bassett Corporation on December 31, 2015.
The bookkeeper thought it would be helpful if the accounts were arranged in alphabetical order. Each account contains the balance that is normal for that type of account; for example, Cash normally has a debit balance. Prepare a trial balance as of this date with the accounts arranged in the following order: 1 assets, 2 liabilities, 3 stockholders' equity, 4 revenues, 5 expenses, and 6 dividends.

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Definitions:

Trading Investments

Securities purchased and held primarily for selling them in the near term with the goal of generating short-term profits.

Bank Overdrafts

Happens when the amount taken out of a bank account surpasses what is in the account, leading to a negative balance.

Non-current Assets

Long-term investments or assets that are not expected to be converted into cash or used up within the business cycle of one year or the operating cycle, whichever is longer.

Bank Indebtedness

A financial obligation or debt to a bank, often in the form of loans, overdrafts, or lines of credit.