Example of trial balance columns, Biology

Assignment Help:

Q. Example of Trial Balance columns?

Start by extending all of Micro Train's revenue and expense account balances in the Adjusted Trial Balance columns to the Income Statement columns. Ever since revenues hold credit balances extend them to the credit column. Subsequent to extending expenses to the debit column subtotal each column. Micro Train's total expenses are USD 6510 and total revenues are USD 13800. Therefore net income for the period is USD 7290 USD 13800-USD 6510. File this USD 7290 income in the debit column to make the two column totals balance. You would file a net loss in the opposite manner expenses (debits) would have been larger than revenues (credits) thus a net loss would be entered in the credit column to make the columns balance. Subsequently complete the Statement of Retained Earnings columns. File the USD 7290 net income amount for December in the credit Statement of Retained Earnings column. Therefore this net income amount is the balancing figure for the Income Statement columns and is as well in the credit Statement of Retained Earnings column. Net income shows in the Statement of Retained Earnings credit column because it causes an increase in retained earnings. Put in the USD 7290 net income to the beginning retained earnings balance of USD 0 and deduct the dividends of USD 3000. Consequently the ending balance of the Retained Earnings account is USD 4290.


Related Discussions:- Example of trial balance columns

Choice of transgenic animal, C h oice of transgenic animal First and ...

C h oice of transgenic animal First and foremost is the selection of animal species in which gene of interest is to be transferred. Whatever is the goal of production of tran

Define about the extra-ocular muscles, Describe about the extra-ocular musc...

Describe about the extra-ocular muscles The extra-ocular muscles are mainly involved in the maintenance of postural tonicity and performance of quick contractions. The prima

Determine the expected genotypic and phenotypic results, 1. In guinea pigs,...

1. In guinea pigs, black coat color (B) is dominant to white (b), and a rough coat (R) is dominant to smooth (r). What are the expected genotypic and phenotypic results of the foll

What hormone can be used to overcome jet lag?, Q. What hormone can be used ...

Q. What hormone can be used to overcome jet lag? Jet lag takes place when an individual's biological clock is out of sync with local time. According to general rule it takes ab

Write the meaning of life style modification, Write the meaning of Life Sty...

Write the meaning of Life Style Modification (LSM) Life style modification means diet control and doing exercises. Diet control and exercise should be planned on individual bas

What do you mean by transition period, Q. What do you mean by Transition Pe...

Q. What do you mean by Transition Period? The transition period from the Renaissance to the Modern period produced many notable workers and much literature. Botanists gradually

Chemiosmosis, Chemiosmosis is the process by which the ATP is produced in ...

Chemiosmosis is the process by which the ATP is produced in inner membrane of a mitochondrion. It is the electron transport system transfers protons from the inner compartment to

Respiration, abnormal lung volumes and capacities

abnormal lung volumes and capacities

Basic principles involved ark, Q. Basic principles involved ark? The ba...

Q. Basic principles involved ark? The basic principles involved ark: The individual must be treated as such and for that careful initial history - daily living situation, a

Developments in the area of nutrient-gene interactions, Define Developments...

Define Developments in the Area of Nutrient-Gene Interactions? This unit introduces you to the recent developments in the area of nutrient-gene interactions. We will first revi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd