Problem
The terms debit and credit are synonymous with left and right. Assets, dividends, and expenses are increased by debits and decreased by credits. Liabilities, common stock, retained earnings, and revenues are increased by credits and decreased by debits.
Prepare a trial balance from the ledger accounts of UMC Company as of January 31, 2014.
|
Accounts Payable
|
1,500
|
Rent Expense
|
$ 500
|
|
Accounts Receivable
|
2,500
|
Service Revenue
|
3,500
|
|
Cash
|
1,600
|
Supplies
|
200
|
|
Common Stock
|
2,200
|
Salaries and Wages Expense
|
1,000
|
|
Dividends
|
1,400
|
|
|