Q2) Presented below are selected accounts from the adjusted trial balance ($ Millions) for Jericho Industries for June 30 of the current year. Debit $895 1425 Credit Accounts Receivable-trade Building and Equipment Cash in Bank-operating Interest Receivable 76 60 Installment Receivables Merchandise Inventory Land 120 100 600 475 Notes Receivable-long term Petty Cash Prepaid Expenses -current Supplies Patent 12 46 28 85 Accounts Payable-Trade Accumulated Depreciation Additional Paid in Capital 710 375 725 95 Allowance for Uncollectible Accounts Cash Dividends Payable Common Stock-$1 par value Income Tax Payable Notes Payable-2 years Retained Earnings Unearned Revenues-2 years Cash Dividends Declared Income Summary 50 90 105 1000 85 125 200 762 $4122 $4122 Prepare classified balance sheet at Jun ,30, 2021 TOTALS

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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Q2) Presented below are selected accounts from the adjusted trial balance ($
Millions) for Jericho Industries for June 30 of the current year.
Debit
$895
1425
Credit
Accounts Receivable trade
Building and Equipment
Cash in Bank-operating
Interest Receivable
76
60
Installment Receivables
120
Merchandise Inventory
100
600
475
12
Land
Notes Receivable–long term
Petty Cash
Prepaid Expenses -current
Supplies
46
28
85
Patent
Accounts Payable-Trade
Accumulated Depreciation
Additional Paid in Capital
710
375
725
Allowance for Uncollectible Accounts
95
50
Cash Dividends Payable
Common Stock-$1 par value
Income Tax Payable
Notes Payable-2 years
Retained Earnings
Unearned Revenues-2 years
Cash Dividends Declared
Income Summary
90
105
1000
85
125
200
762
$4122
$4122
Prepare classified balance sheet at Jun ,30, 2021
ТОTALS
Transcribed Image Text:Q2) Presented below are selected accounts from the adjusted trial balance ($ Millions) for Jericho Industries for June 30 of the current year. Debit $895 1425 Credit Accounts Receivable trade Building and Equipment Cash in Bank-operating Interest Receivable 76 60 Installment Receivables 120 Merchandise Inventory 100 600 475 12 Land Notes Receivable–long term Petty Cash Prepaid Expenses -current Supplies 46 28 85 Patent Accounts Payable-Trade Accumulated Depreciation Additional Paid in Capital 710 375 725 Allowance for Uncollectible Accounts 95 50 Cash Dividends Payable Common Stock-$1 par value Income Tax Payable Notes Payable-2 years Retained Earnings Unearned Revenues-2 years Cash Dividends Declared Income Summary 90 105 1000 85 125 200 762 $4122 $4122 Prepare classified balance sheet at Jun ,30, 2021 ТОTALS
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