Exercise 2-14

The accounts in the ledger of Sanford Delivery Service contain the following balances on July 31, 2011.

Accounts Receivable £ 7,642                          Prepaid Insurance £ 1,968

Accounts Payable 8,396                                  Repair Expense 961

Cash ?                                                              Service Revenue 10,610

Delivery Equipment 49,360                             Dividends 700

Gas and Oil Expense 758                                Share Capital—Ordinary 40,000

Insurance Expense 523                                   Salaries Expense 4,428

Notes Payable 18,450                                     Salaries Payable 815

                                                                        Retained Earnings 4,636

Instructions

Prepare a trial balance with the accounts arranged as illustrated in the chapter and fill in the missing amount for Cash.

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