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The Accounts in the Ledger of Ace Delivery Service Contain

Question 204

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The accounts in the ledger of Ace Delivery Service contain ithe following balances on July 31, 2018.  Accounts Receivable $10,000 Accounts Payable 7,900 Cash ? Common Stock 35,000 Equipment 45,000 Dividends 900 Gasoline Expense 800 Utilities Expense 600 Maintenance and Repair Expense 1,100 Retained Earnings 5,000 Service Revenue 13,000 Salaries and Wages Expense ? Salaries and Wages Payable 1,000 Supplies 3,000 Unearned Service Revenue 2,500 Notes Payable 22,000 Prepaid Insurance 2,000\begin{array} { l r } \text { Accounts Receivable } & \$ 10,000 \\\text { Accounts Payable } & 7,900 \\\text { Cash } & ? \\\text { Common Stock } & 35,000 \\\text { Equipment } & 45,000 \\\text { Dividends } & 900 \\\text { Gasoline Expense } & 800 \\\text { Utilities Expense } & 600 \\\text { Maintenance and Repair Expense } & 1,100 \\\text { Retained Earnings } & 5,000 \\\text { Service Revenue } & 13,000 \\\text { Salaries and Wages Expense } & ? \\\text { Salaries and Wages Payable } & 1,000 \\\text { Supplies } & 3,000 \\\text { Unearned Service Revenue } & 2,500 \\\text { Notes Payable } & 22,000 \\\text { Prepaid Insurance } & 2,000\end{array} Instructions
Prepare a trial balance with the accounts arranged as illustrated in the chapter and fill in the missing amounts for Cash and Salaries and Wages Expense. Assume net income for the period is $3,500.

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