The balances for the accounts of Millie's Maintenance Co. for the year ended December 31, 2020 are shown below. Each account shown has a normal balance.
*The ending balance of the capital account is $20,000; the only addition to the account for the year was profit. Calculate the correct balances for Cash and Millie, Withdrawals and prepare a trial balance.

Question

The balances for the accounts of Millie's Maintenance Co. for the year ended December 31, 2020 are shown below. Each account shown has a normal balance.
  *The ending balance of the capital account is $20,000; the only addition to the account for the year was profit. Calculate the correct balances for Cash and Millie, Withdrawals and prepare a trial balance.

Quizplus · Accepted Answer

The Answer of The balances for the accounts of Millie's Maintenance Co. for the year ended December 31, 2020 are shown below. Each account shown has a normal balance.
  *The ending balance of the capital account is $20,000; the only addition to the account for the year was profit. Calculate the correct balances for Cash and Millie, Withdrawals and prepare a trial balance.

The Balances for the Accounts of Millie's Maintenance Co