From the ledger balances given below, prepare a trial balance for the Whispering Winds Corp. at June 30, 2019. All account balances are normal. Accounts Payable $8,300, Cash $7,700
Common Stock $22,500 Dividends $2,100
Equipment $18,200 Service Revenue $7,300
Accounts Receivable $4,300 Salaries and Wages Expense $3,50
Rent Expense $2,300.

TRIAL BALANCE WHISPERING WINDS CORP JUNE 30 2019

Account                                   Debit           Credit

Accounts Payable                                       $8,300

Cash                                        $7,700

Common Stock                                            $22,500

Dividends                               $2,100

Equipment                              $18,200

Service Revenue                                          $7,300

Accounts Receivable             $4,300

Salaries / Wages Expense     $3,500

Rent Expense                         $2,300

                                               $38,100         $38,100                                                                

Assets, Expenses, and Costs are debit accounts, while equity, liabilities and income are credit accounts.

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know