The adjusted trial balance for Cullumber Bowling Alley at December 31, 2020, contains the following accounts. Debits Credits Buildings $ 128,800 Owner’s Capital $ 119,800 Accounts Receivable 14,200 Accumulated Depreciation—Buildings 42,600 Prepaid Insurance 4,900 Accounts Payable 11,700 Cash 19,100 Notes Payable 96,600 Equipment 61,700 Accumulated Depreciation—Equipment 17,400 Land 68,800 Interest Payable 2,700 Insurance Expense 600 Service Revenue 16,500 Depreciation Expense 6,800 Interest Expense 2,400 $ 307,300 $ 307,300 (a) Prepare a classified balance sheet; assume that $ 29,700 of the note payable will be paid in 2021. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
The adjusted trial balance for Cullumber Bowling Alley at December 31, 2020, contains the following accounts. Debits Credits Buildings $ 128,800 Owner’s Capital $ 119,800 Accounts Receivable 14,200 Accumulated Depreciation—Buildings 42,600 Prepaid Insurance 4,900 Accounts Payable 11,700 Cash 19,100 Notes Payable 96,600 Equipment 61,700 Accumulated Depreciation—Equipment 17,400 Land 68,800 Interest Payable 2,700 Insurance Expense 600 Service Revenue 16,500 Depreciation Expense 6,800 Interest Expense 2,400 $ 307,300 $ 307,300 (a) Prepare a classified balance sheet; assume that $ 29,700 of the note payable will be paid in 2021. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
HOMEWORK 5 OUT OF 5
The adjusted
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Debits
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Credits
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| Buildings | $ 128,800 | Owner’s Capital | $ 119,800 | |||
| 14,200 | 42,600 | |||||
| Prepaid Insurance | 4,900 | Accounts Payable | 11,700 | |||
| Cash | 19,100 | Notes Payable | 96,600 | |||
| Equipment | 61,700 | Accumulated Depreciation—Equipment | 17,400 | |||
| Land | 68,800 | Interest Payable | 2,700 | |||
| Insurance Expense | 600 | Service Revenue | 16,500 | |||
| Depreciation Expense | 6,800 | |||||
| Interest Expense | 2,400 | |||||
| $ 307,300 |
$ 307,300
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