1. Prepare a December 31 balance sheet in proper form for AIG Inc. using the following accounts and amounts: Commissions earned. $40,000 Accounts payable... 3,500 Accounts receivable.... 5,000 J.K. Skip, Capital.. 103,500 Office equipment..... 10,000 Advertising expense.. 3,200 Cash.... 7,500 Land... 35,000 Note payable. 50,000 Office supplies... 500 Salaries expense.... 12,000 Salaries payable... 1,000 Building.. 100,000 ......
1. Prepare a December 31 balance sheet in proper form for AIG Inc. using the following accounts and amounts: Commissions earned. $40,000 Accounts payable... 3,500 Accounts receivable.... 5,000 J.K. Skip, Capital.. 103,500 Office equipment..... 10,000 Advertising expense.. 3,200 Cash.... 7,500 Land... 35,000 Note payable. 50,000 Office supplies... 500 Salaries expense.... 12,000 Salaries payable... 1,000 Building.. 100,000 ......
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![1. Prepare a December 31 balance sheet in proper form for AIG Inc. using the following accounts and amounts:
Commissions earned.
$40,000
Accounts payable.
3,500
Accounts receivable...
5,000
J.K. Skip, Capital..
103,500
Office equipment...
10,000
Advertising expense.
3,200
Cash...
7,500
Land.
35,000
Note payable..
50,000
Office supplies..
500
Salaries expense....
12,000
.....*.
Salaries payable.
1,000
Building.
100,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F41aa8cd2-f97b-4a01-9556-fd1f07e1cd1c%2F709a8d3f-d850-40f4-ac47-4aa06c12c599%2F3juutm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. Prepare a December 31 balance sheet in proper form for AIG Inc. using the following accounts and amounts:
Commissions earned.
$40,000
Accounts payable.
3,500
Accounts receivable...
5,000
J.K. Skip, Capital..
103,500
Office equipment...
10,000
Advertising expense.
3,200
Cash...
7,500
Land.
35,000
Note payable..
50,000
Office supplies..
500
Salaries expense....
12,000
.....*.
Salaries payable.
1,000
Building.
100,000
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