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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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