The following are the ending month's balances for Toys Galore. What would be the first account listed on the trial balance for Toys Galore?

Question

The following are the ending month's balances for Toys Galore.  What would be the first account listed on the trial balance for Toys Galore?

Quizplus · Accepted Answer

The first account listed on a trial balance is typically an asset account, and cash is the most common asset account. Therefore, the best choice is option C: Cash. The other options, revenue, expenses, and accounts payable, are all accounts that would appear on the income statement or balance sheet but are not typically the first account listed on a trial balance.

The Following Are the Ending Month's Balances for Toys Galore