Please list each item under the correct account for the balance sheet DebitCreditCash at Bank$85,600Petty Cash$1,000Accounts Receivable$56,000Merchandise Inventory$69,180Prepaid Insurance$11,205Computer Equipment$125,000Accum Depn - Computer EquipmentShop Fixtures and Fittings$35,000$160,000Accum Depn - Shop Fixtures & Fittings$62,000Investments (Shares in Telstra) - Long Term$40,000Accounts Payable$36,000PAYG Withholdings Payable$12,000Accrued Expenses - Sales Commissions$4,000Interest Bearing Loan (Due 30-Sep-2021)$40,000GST Collected$12,000GST Paid$7,000Bank Loan – Non-current$210,000Paid Up Capital$120,000Retained Earnings$23,985Total$554,985$554,985

Answered: ccount for the 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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Please list each item under the correct account for the balance sheet

Debit
Credit
Cash at Bank
$85,600
Petty Cash
$1,000
Accounts Receivable
$56,000
Merchandise Inventory
$69,180
Prepaid Insurance
$11,205
Computer Equipment
$125,000
Accum Depn - Computer Equipment
Shop Fixtures and Fittings
$35,000
$160,000
Accum Depn - Shop Fixtures & Fittings
$62,000
Investments (Shares in Telstra) - Long Term
$40,000
Accounts Payable
$36,000
PAYG Withholdings Payable
$12,000
Accrued Expenses - Sales Commissions
$4,000
Interest Bearing Loan (Due 30-Sep-2021)
$40,000
GST Collected
$12,000
GST Paid
$7,000
Bank Loan – Non-current
$210,000
Paid Up Capital
$120,000
Retained Earnings
$23,985
Total
$554,985
$554,985

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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