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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.
Debits
Credits
Cash
$2,000
Accounts Receivable
$12,000
Prepaid Expenses
$4,000
Inventories
$8,000
Plant and Equipment
$50,000
Accumulated Depreciation
$15,000
Accounts Payable
$3,000
Salaries Payable
$1,000
Accrued Interest Payable
Common Equity
$60,000
Retained Earnings
$24,000
Total
$91,000
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