Determine the company's accounting equation, and label each element as a debit amount or a credit amount. If you use $ for the owner's equity, why is the accounting equation out of balance?
Complete the accounting equation below, and then below each element, select whether it is a debit or credit account. Finally, enter the amount for each element into the accounting equation, using $ for owner's equity. Note that the equation will not balance.
Winchester Cottage Management Services
Unadjusted Trial Balance
March 31, 2022
Balance
Account Title
Debit
Credit
Cash
$19,205
Accounts receivable
4,900
Supplies
280
Land
13,000
Building
38,000
Accounts payable
$1,000
Note payable
44,900
Noah Calef, capital
29,000
Noah Calef, withdrawals
1,550
Service revenue
7,900
Interest expense
360
Rent expense
1,700
Salaries expense
3,600
Utilities expense
205
Total
$82,800
$82,800
