Below are the December 31, 2016, year-end accounts balances for Abled Appliance Repair Ltd This is the business's third year of operations. The Classified Balance Sheet and Related Disclosures Cash.... Accounts receivable... Share capital .... Retained earnings.. $80,000 66,000 2,000 5,000 20,000 10,000 2,000 $1,000 Office supplies inventory. Prepaid insurance.... Land..... 116,600 35,000 3,000 8,000 Revenue... Rent expense.. Salaries expense . Utilities expense Travel expense.. Office equipment . Accumulated depreciation, office equip- 500 1,500 ment ..... Accounts payable Unearned consulting fees. 35,000 10,000 Insurance expense 600 Supplies and postage expense... 3,000 ...... Required: a. Prepare the closing entries. b. Prepare a classified balance sheet.
Below are the December 31, 2016, year-end accounts balances for Abled Appliance Repair Ltd This is the business's third year of operations. The Classified Balance Sheet and Related Disclosures Cash.... Accounts receivable... Share capital .... Retained earnings.. $80,000 66,000 2,000 5,000 20,000 10,000 2,000 $1,000 Office supplies inventory. Prepaid insurance.... Land..... 116,600 35,000 3,000 8,000 Revenue... Rent expense.. Salaries expense . Utilities expense Travel expense.. Office equipment . Accumulated depreciation, office equip- 500 1,500 ment ..... Accounts payable Unearned consulting fees. 35,000 10,000 Insurance expense 600 Supplies and postage expense... 3,000 ...... Required: a. Prepare the closing entries. b. Prepare a classified balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Below are the December 31, 2016, year-end accounts balances for Abled Appliance Repair Ltd.
This is the business's third year of operations.
The Classified Balance Sheet and Related Disclosures
Share capital .....
Retained earnings.
Revenue ...
$80,000
66,000
2,000
5,000
20,000
10,000
2,000
$1,000
116,600
35,000
3,000
8,000
Cash......
Accounts receivable..
Office supplies inventory..
Prepaid insurance...
Land......
Rent expense.
Salaries expense.
Utilities expense
Travel expense.
Office equipment.
Accumulated depreciation, office equip-
ment ...
Accounts payable
Unearned consulting fees.
500
1,500
35,000
10,000
Insurance expense
600
Supplies and postage expense..
3,000
Required:
a. Prepare the closing entries.
b. Prepare a classified balance sheet.
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