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Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments Income tax expense Rent expense Retained earnings Salaries expense Service revenue Unearned revenuePrepare a trial balance for Carland Inc. at June 30, 2018. All accounts have a normal balance. CARLAND INC. Trial Balance Debit Credit

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Answer #1

Explanation of Account Balances (for student understanding):

2 The normal balance can be defined as expected debit or credit that the specific account would have. 3 For example, cash is an asset account, and hence it increases by debits, and so will have a debit balance 4 Normal balance accounts: 5 1. Assets Accounts 6 Normal balance: Debit 7 2. Liability Accounts 8 Normal balance: Credit 9 3. Expense Accounts 10 Normal balance: Debit 11 4. Revenue/Income accounts 12 Normal balance: Credit 13 5. Capital/Equity accounts 14 Normal balance: Credit 15 6. Contra accounts 16 Normal balance: Opposite to the normal account

Normal Account Balances of the accounts that were provided in the question:

17 Identification of the normal balance of each account: Normal Balance 20 Accounts payable Credit 21 Accounts receivable Debit Liability Account Asset Account Accumulated depreciation - 22 equipment 23 Cash 24 Common shares 25 Dividend declared 26 Equipment Credit Debit Credit Debit Debit Contra account Asset Account Capital/equity account Contra account Asset Account Held for 27 trading investments Debit 28 Income tax expense Debit 29 Rent expense 30 Retained earnings Credit 31 Salaries expense 32 Service revenue 33 Unearned revenue Credit Asset Account Expense account Expense account Capital/equity account Expense account Revenue account Liability Account Debit Debit Credit

Trial Balance:

CARLAND Inc. Trial Balance June 30, 2018 Debit 4 Credit 6 Cash 7 Held for trading investment 8 Accounts Receivable $ 2,400 S 5,600 S 4,000 $16,400 Equipment Accumulated depreciation 10- Equipment 11 Dividends declared 12 Accounts Payable 13 (Unearned revenue 14 Common Stock 15 Retained earnings 16 Service revenue 17 Income tax expense 18 Rent expense 19 Salaries expense 20 Total:s 21 3,700 $ 300 3,000 $ 160 $ 9,100 $11,720 S 6,020 S 400 $ 900 S 3,700 $ 33,700 33,700

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