The preparation of the trial balance and balance sheet of Sabourin Realty as of September 30, 2020, is as follows:
1. Sabourin Realty
Trial Balance
As of September 30, 2020
Accounts Debit Credit
Cash $84,645
Accounts receivable 5,325
Supplies 1,250
Equipment 12,700
Automobile 28,250
Building 182,100
Land 103,200
Accounts Payable $7,325
Bank Loan 37,570
Mortgage Payable 105,000
Capital, J. Sabourin 267,575
Totals $417,470 $417,470
2. Sabourin Realty
Balance Sheet
As of September 30, 2020
Assets
Current Assets:
Cash $84,645
Accounts receivable 5,325
Supplies 1,250
Total current assets $91,220
Long-term Assets:
Equipment 12,700
Automobile 28,250
Building 182,100
Land 103,200 $326,250
Total assets $417,470
Liabilities and Equity:
Current liabilities:
Accounts Payable $7,325
Bank Loan 37,570
Total current liabilites $44,895
Long-term liabilities:
Mortgage Payable 105,000
Total liabilities $149,895
Equity:
Capital, J. Sabourin 267,575
Total liabilities and equity $417,470
What is a balance sheet?
A balance sheet is a financial statement that summarizes the financial position of an entity at a point in its fiscal period.
The financial position shows the entity's assets (what it owns), liabilities (what it owes creditors), and equity (what it owes the owner).
At any date of the financial period, the assets are always equal to the liabilities and equity. Balance sheets, like other financial statements, are always prepared from the Trial Balance.
Learn more about preparing the balance sheet at brainly.com/question/22941895
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