Prepare a December 31 balance sheet using the following select accounts and amounts. Commission revenue $ 30,500 Accounts payable 4,000 Accounts receivable 5,500 Total equity 106,000 Equipment 10,500 Advertising expense 3,700 Cash 8,000 Land 35,500 Notes payable 50,500 Supplies 2,000 Salaries expense 12,500 Salaries payable 1,500 Building 100,500 Balance Sheet December 31 Total equity

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.1.2MBA
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Prepare a December 31 balance sheet using the following select accounts and amounts.
Commission revenue
$ 30,500
Accounts payable
4,000
Accounts receivable
5,500
Total equity
106,000
Equipment
10,500
Advertising expense
3,700
Cash
8,000
Land
35,500
Notes payable
50,500
Supplies
2,000
Salaries expense
12,500
Salaries
payable
1,500
Building
100,500
Balance Sheet
December 31
Total equity
Transcribed Image Text:Prepare a December 31 balance sheet using the following select accounts and amounts. Commission revenue $ 30,500 Accounts payable 4,000 Accounts receivable 5,500 Total equity 106,000 Equipment 10,500 Advertising expense 3,700 Cash 8,000 Land 35,500 Notes payable 50,500 Supplies 2,000 Salaries expense 12,500 Salaries payable 1,500 Building 100,500 Balance Sheet December 31 Total equity
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