The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 174 183 201 203 208 210 213 Property taxes payable 236 Unearned revenue 251 Long-term notes payable 301 302 404 406 409 606 612 623 633 637 640 652 683 Building Accumulated depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable 0. Tybalt, Capital 0. Tybalt, Withdrawals Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $ 5,000 31,100 7,000 40,000 150,000 55,000 13,000 11,000 6,000 52,900 5,100 10,000 13,400 Credit $ 20,000 50,000 16,500 2,500 3,500 2,500 900 14,500 60,000 126,400 97,000 14,000 4,100 7,400 5,000 $ 411,900 $ 411,900 Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,400 on December 31 of the prior year.
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTION Adjusted Trial Balance December 31 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 173 174 183 201 203 208 210 213 Property taxes payable 236 Unearned revenue 251 Long-term notes payable 301 302 404 406 409 606 612 623 633 637 640 652 683 Building Accumulated depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable 0. Tybalt, Capital 0. Tybalt, Withdrawals Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $ 5,000 31,100 7,000 40,000 150,000 55,000 13,000 11,000 6,000 52,900 5,100 10,000 13,400 Credit $ 20,000 50,000 16,500 2,500 3,500 2,500 900 14,500 60,000 126,400 97,000 14,000 4,100 7,400 5,000 $ 411,900 $ 411,900 Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,400 on December 31 of the prior year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The adjusted trial balance for Tybalt Construction on December 31 of the current year follows.
Number Account Title
101
Cash
126
Supplies
Prepaid insurance
128
167
168
173
174 Accumulated depreciation-Building
183
201
623
633
637
640
652
683
TYBALT CONSTRUCTION
Adjusted Trial Balance.
December 31
Equipment
Accumulated depreciation-Equipment
Building
Land
Accounts payable
Interest payable
203
208
210
213
236
251
301
0. Tybalt, Capital
302
0. Tybalt, Withdrawals
404
Services revenue
406
Rent revenue
409
Interest revenue
606
Depreciation expense-Building
612 Depreciation expense-Equipment
Rent payable
Wages payable
Property taxes payable
Unearned revenue
Long-term notes payable
Wages expense
Interest expense
Insurance expense
Rent expense
Supplies expense
Property taxes expense
Totals
Denuired.
Debit
$5,000
31,100
7,000
40,000
150,000
55,000
13,000
11,000
6,000
52,900
5,100
10,000
13,400
Credit
$ 20,000
50,000
16,500
2,500
3,500
2,500
900
Prev
14,500
60,000
126,400
97,000
14,000
4,100
7,400
5,000
$ 411,900 $ 411,900
Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance was $121,400 on December 31
of the prior year.
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Transcribed Image Text:1a. Prepare the income statement for the current year ended December 31.
1b. Prepare the statement of owner's equity for the current year ended December 31.
1c. Prepare the classified balance sheet at December 31 of the current year.
2. Prepare the necessary closing entries at December 31 of the current year.
Complete this question by entering your answers in the tabs below.
Required 1A Required 1B Required 1C Required 2
Prepare the classified balance sheet at December 31 of the current year.
TYBALT CONSTRUCTION
Balance Sheet
December 31
$
$
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