The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: $ 19,000 13,000 26,000 21,200 15,000 88,000 11,000 12,000 3,800 72,000 7,200 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Unearned revenue Rent expense Salaries and wages expense Service revenue 12,200 15,000 32,000 134,000 5,000 6,000 210,000 Supplies Supplies expense Equipment At what amount will the balance sheet balance at 12/31/20? (You must show all computations.)

The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: $ 19,000 13,000 26,000 21,200 15,000 88,000 11,000 12,000 3,800 72,000 7,200 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Unearned revenue Rent expense Salaries and wages expense Service revenue 12,200 15,000 32,000 134,000 5,000 6,000 210,000 Supplies Supplies expense Equipment At what amount will the balance sheet balance at 12/31/20? (You must show all computations.)

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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