The list that follows presents Shah Corporation's accounts (in alphabetical order) as of March 31, 2014. The list does not include the amount of Accounts Payable.
|
Accounts Payable
|
?
|
Equipment
|
$ 7,200
|
|
Accounts Receivable
|
$ 1,800
|
Land
|
3,120
|
|
Building
|
20,400
|
Notes Payable
|
10,000
|
|
Cash
|
5,400
|
Prepaid Insurance
|
660
|
|
Common Stock
|
12,000
|
Retained Earnings
|
6,870
|
Prepare a trial balance with the proper heading (see Exhibit 7) and with the accounts listed in the chart of accounts sequence (see Exhibit 2). Compute the balance of Accounts Payable.
Text Book: Financial and Managerial Accounting By Belverd Needles, Marian Powers, Susan V. Crosson.