john COMPANYTRIAL BALANCE AS AT DECEMBER 2020 DEBIT$CREDIT $Cash8000 Accounts Receivable26,000 Supplies4,500 Prepaid Insurance7,000 Equipment41,000 Accumulated Depreciation—Equipment 4,800Machinery7,500 Accounts Payable 22,200Salaries Payable 20,000Owner’s Capital 43,300Owner’s Drawings4,200 Service Revenue 26,400Salaries and Wages Expense5,200 Depreciation Expense4,800 Insurance Expense5,000 Interest Expense3,500 116700116700 Prepare a classified balance sheet for john Company showing total current and non current assets and liabilities and owners equity

The balance sheet includes assets, liabilities, and stockholders' equity.

Answered: TRIAL BALANCE AS AT DECEMBER 2020…

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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john COMPANY
TRIAL BALANCE AS AT DECEMBER 2020
	DEBIT$	CREDIT $
Cash	8000
Accounts Receivable	26,000
Supplies	4,500
Prepaid Insurance	7,000
Equipment	41,000
Accumulated Depreciation—Equipment		4,800
Machinery	7,500
Accounts Payable		22,200
Salaries Payable		20,000
Owner’s Capital		43,300
Owner’s Drawings	4,200
Service Revenue		26,400
Salaries and Wages Expense	5,200
Depreciation Expense	4,800
Insurance Expense	5,000
Interest Expense	3,500
	116700	116700

Prepare a classified balance sheet for john Company showing total current and non current assets and liabilities and owners equity

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