Answer to Question #263449 in Accounting for mustafa

Question

The following balances appeared in the accounts of Fast Wheels for June:

Answer 1

An account balance is the amount of money present in a financial repository, such as a savings or checking account, at any given moment. The account balance is always the net amount after factoring in all debits and credits.

The easiest way to find an account balance is by printing the trial balance report for the current accounting period. This report only lists the ending account balances in all accounts for which there is a non-zero balance.