PA12. LO 5.3 Use the following Adjusted Trial Balance to prepare a classified Balance Sheet: Adjusted Trial Balance Debit Credit Cash $16,500 17,200 2,200 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable 2,100 14,000 $14,200 Unearned Fee Revenue 4,300 Common Stock 30,000 Service Fee Revenue 21,500 Salaries Expense Rent Expense 12,000 6,000 $70,000 $70,000

PA12. LO 5.3 Use the following Adjusted Trial Balance to prepare a classified Balance Sheet: Adjusted Trial Balance Debit Credit Cash $16,500 17,200 2,200 Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable 2,100 14,000 $14,200 Unearned Fee Revenue 4,300 Common Stock 30,000 Service Fee Revenue 21,500 Salaries Expense Rent Expense 12,000 6,000 $70,000 $70,000

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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PA5. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit Cash $ 22,900 Prepaid Insurance Fixed Assets 4,000 44,000 Notes Payable $ 40,000 Common Stock 25,000 Retained Earnings Dividends 48,350 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350
Multiple choice
PA10. LO 4.3Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). March 1, paid interest due on note, $2,500 December 31, interest accrued on note payable, $4,250
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Sh10 Please help me Solution
Prepare a classified balance sheet in proper form.
2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478