Abbott Company had the following accounts and balances at December 31, 2012. All accounts have normal balances.
|
|
| Accounts Payable |
$165,000 |
| Accounts Receivable |
335,000 |
| Cash |
315,000 |
| Common Stock |
115,000 |
| Fees Earned |
725,000 |
| Insurance Expense |
63,000 |
| Land |
195,000 |
| Rent Expense |
165,000 |
| Retained Earnings |
113,000 |
| Supplies |
65,000 |
| Unearned Revenue |
20,000 |
|
| Required: |
|
What are the totals for debit balances and the credit balances that would appear at the end of Abbott's trial balance? (Hint:Label each account as an asset, liability, equity, revenue, or expense item. Then, considering the normal balance for each account type, add up the accounts that normally have debit balances and enter the total above in the debit column. To check your answer, add up the accounts that normally have credit balances and enter the total above in the credit column. The two totals must agree.)
|
Abbott Company
Trial Balance
December 31, 2012 |
|
Debit |
Credit |
| Individual accounts and account balances not shown. |
| Totals |
|