The trial balance of Liberty Enterprises contains the following balances among others on December 31, 2020: Debit Credit Notes Receivable Prepaid Insurance Office Equipment Notes Payable Salaries Expense Rent Expense Supplies Expense Taxes and Licenses Expense Advertising Expense Interest Income Rent Income 120,000.00 48,000.00 100,000.00 150,000.00 40,000.00 36,000.00 8,000.00 6,000.00 24,000.00 9,000.00 18,000.00

The trial balance of Liberty Enterprises contains the following balances among others on December 31, 2020: Debit Credit Notes Receivable Prepaid Insurance Office Equipment Notes Payable Salaries Expense Rent Expense Supplies Expense Taxes and Licenses Expense Advertising Expense Interest Income Rent Income 120,000.00 48,000.00 100,000.00 150,000.00 40,000.00 36,000.00 8,000.00 6,000.00 24,000.00 9,000.00 18,000.00

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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