Prepare Closing Entries,income statement,statement of retained earnings and classified balance sheet Data TableBechard Irrigation SystemAdjusted Trial BalanceDecember 31, 2018BalanceAccount TitleDebitCreditCash12,800Accounts Receivable47 500Office Supplies25,900Prepaid Insurance5,000Building57 10024,400Accumulated Depreciation-Buildg22.000Equipment6.800Accumulated Depreciation-Equipment31,200Accounts Payable1,500Interest Payable3,800Salaries Payable1,500Unearned Revenue27 200Notes Payable (long-term)14,000current raCommon Stock11,000Retained Earningsmal places2,700Dividends75.400Service Revenue1.300Insurance ExpensePrintDoneAccounts Receivable47 500Office Supplies25.900Prepaid Insurance5.000Building57,100Accumulated Depreciation-Building24,400Equipment22 000Accumulated Depreciation–Equipment6.800Accounts Payable31,200Interest Payable1,500Salaries Payable3.800Unearned Revenue1.500Notes Payable (long-term)27.200Common Stock14.000Retained Earnings11.000Dividends2,700Service Revenue75,400Insurance Expense1,300Salaries Expense15,900Supplies Expense900Interest Expense1,500Depreciation Expense-Equipment2,6001,600Depreciation Expense–Building196,800 S196,800Total

Debit what comes in, Credit what goes out Debit the receiver, Credit the giver Debt all expenses ,…

Answered: Prepare Closing Entries,income…

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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Prepare Closing Entries,income statement,statement of retained earnings and classified balance sheet

Data Table
Bechard Irrigation System
Adjusted Trial Balance
December 31, 2018
Balance
Account Title
Debit
Credit
Cash
12,800
Accounts Receivable
47 500
Office Supplies
25,900
Prepaid Insurance
5,000
Building
57 100
24,400
Accumulated Depreciation-Buildg
22.000
Equipment
6.800
Accumulated Depreciation-Equipment
31,200
Accounts Payable
1,500
Interest Payable
3,800
Salaries Payable
1,500
Unearned Revenue
27 200
Notes Payable (long-term)
14,000
current ra
Common Stock
11,000
Retained Earnings
mal places
2,700
Dividends
75.400
Service Revenue
1.300
Insurance Expense
Print
Done
Accounts Receivable
47 500
Office Supplies
25.900
Prepaid Insurance
5.000
Building
57,100
Accumulated Depreciation-Building
24,400
Equipment
22 000
Accumulated Depreciation–Equipment
6.800
Accounts Payable
31,200
Interest Payable
1,500
Salaries Payable
3.800
Unearned Revenue
1.500
Notes Payable (long-term)
27.200
Common Stock
14.000
Retained Earnings
11.000
Dividends
2,700
Service Revenue
75,400
Insurance Expense
1,300
Salaries Expense
15,900
Supplies Expense
900
Interest Expense
1,500
Depreciation Expense-Equipment
2,600
1,600
Depreciation Expense–Building
196,800 S
196,800
Total

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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