Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total Debit $ ? 1,390 1,190 48,190 1,140 9,190 1,590 1,390 1,090 ? Credit $ 4,190 10,190 690 2,190 9,190 10,190 25,190 10,190

Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total Debit $ ? 1,390 1,190 48,190 1,140 9,190 1,590 1,390 1,090 ? Credit $ 4,190 10,190 690 2,190 9,190 10,190 25,190 10,190

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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Question

Presented below is the adjusted trial balance of Headland Corporation at December 31,2020

Additional Information:

1. Net loss for the year was $3070

2. No Dividends were declared during 2020

Cash
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Trademarks
Accounts Payable
Salaries and Wages Payable
Unearned Service Revenue
Bonds Payable (due 2027)
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Insurance Expense
Rent Expense
Interest Expense
Total
Debit
$
$
?
1,390
1,190
48,190
1,140
9,190
1,590
1,390
1,090
Credit
$ 4,190
10,190
? $
690
2,190
9,190
10,190
25,190
10,190
13
?

Prepare a classified balance sheet as of
December 31, 2020. (List Current Assets
in order of liquidity.)
Current Assets
Cash
Supplies
Prepaid Insurance
Total Current Assets
Property, Plant and Equipment
Equipment
Less
Accumulated Depreciation-Equipment
Intangible Assets
Trademarks
HEADLAND CORPORATION
Balance Sheet
December 31, 2020
Assets
$
Liabilities and Stockholders' Equity
$
$
$
$
$

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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