Assignment Problem: The post- closing trial balance for Acme Utility Company is presented below. Write a summary on this page to demonstrate your best business writing ability that also identifies your concerns regarding probable errors, i.e. red flags, in the trial balance.
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Debits
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Credits
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Cash
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$2,000
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Accounts Receivable
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$12,000
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Prepaid Expenses
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$4,000
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Inventories
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$8,000
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Plant and Equipment
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$50,000
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Accumulated Depreciation
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$15,000
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Accounts Payable
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$3,000
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Salaries Payable
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$1,000
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Accrued Interest Payable
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$3,000
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Common Equity
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$60,000
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Retained Earnings
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$24,000
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Total
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$91,000
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$91,000
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