The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:AccountsDebitCreditCash$17,000168,0009,00028,000350,000Accounts receivablePrepaid rentSuppliesEquipmentAccumulated depreciationAccounts payableSalaries payableInterest payableNotes payable (due in two years)23:12$129,00020,0003,8001,20030,000160,000183,200Common stockRetained earningsDividends29,000Service revenue420,000Salaries expense188,000Advertising expense71,00016,00032,0002,20037,000$ 947,200Rent expenseDepreciation expenseInterest expenseUtilities expenseTotals$947,200Prepare a classified balance sheet for China Tea Company as of December 31, 2021. (Amounts to be deducted showith a minus sign.)

The balance sheet is prepared by the management to show the actual situation of the business entity…

Answered: The adjusted trial balance for China…

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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