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Worksheet For the year ended December 31, 2020 Trail Balance Adjustments Income Statement Balance Sheet Account Acc. No. Debit Credit Debit Credit Debit Credit Debit Credit 101 2,440 2,440 unts Receivable nandise Inventory les id Insurance 102 8,000 8,000 120 21,000 21,000 4,400 4,400 125 1,700 1,250 450 126 2,000 1,200 800 140 40,000 40,000 ng ment unts Payable Рayable Refundable 150 120,000 120,000 155 40,000 40,000 200 13,700 13,700 205 2,440 2,440 206 560 560 age Payable 210 50,000 50,000 Сaptal 300 137,560 137,560 Drawings 301 6,000 6,000 400 195,000 195,000 Returns and Allowances 401 1,000 1,000 Discounts 402 300 300 ases 500 95,000 95,000 ase Returns and Allowances 501 3,300 3,300 ase Discounts portation in ery Expense es Expense ral Expense 502 3,000 3,000 503 7,000 7,000 600 7,000 7,000 601 50,000 5,000 55,000 602 3,000 3,000 405,000 405.000 les Expense mulated Depreciation-Building 603 1,250 1,250 152 12,000 12,000 eciation Expense-Building 604 12,000 12,000 mulated Depreciation-Equipment eciation Expense-Equipment ance Expense es Payable 157 8,000 8,000 605 8,000 8,000 606 1,200 1,200 203 5,000 5,000 27,450 27,450 211,750 205,700 222,650 228,700 oss 6,050 6,050 211 750 211 750 228 700 228 700

Worksheet For the year ended December 31, 2020 Trail Balance Adjustments Income Statement Balance Sheet Account Acc. No. Debit Credit Debit Credit Debit Credit Debit Credit 101 2,440 2,440 unts Receivable nandise Inventory les id Insurance 102 8,000 8,000 120 21,000 21,000 4,400 4,400 125 1,700 1,250 450 126 2,000 1,200 800 140 40,000 40,000 ng ment unts Payable Рayable Refundable 150 120,000 120,000 155 40,000 40,000 200 13,700 13,700 205 2,440 2,440 206 560 560 age Payable 210 50,000 50,000 Сaptal 300 137,560 137,560 Drawings 301 6,000 6,000 400 195,000 195,000 Returns and Allowances 401 1,000 1,000 Discounts 402 300 300 ases 500 95,000 95,000 ase Returns and Allowances 501 3,300 3,300 ase Discounts portation in ery Expense es Expense ral Expense 502 3,000 3,000 503 7,000 7,000 600 7,000 7,000 601 50,000 5,000 55,000 602 3,000 3,000 405,000 405.000 les Expense mulated Depreciation-Building 603 1,250 1,250 152 12,000 12,000 eciation Expense-Building 604 12,000 12,000 mulated Depreciation-Equipment eciation Expense-Equipment ance Expense es Payable 157 8,000 8,000 605 8,000 8,000 606 1,200 1,200 203 5,000 5,000 27,450 27,450 211,750 205,700 222,650 228,700 oss 6,050 6,050 211 750 211 750 228 700 228 700

FINANCIAL ACCOUNTING
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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can you please create an income statement and a classified balance sheet using the information in the photo asap. im struggling with this

Cooper Brother Stores Worksheet For the year ended December 31, 2020 Trail Balance Adjustments Income Statement Balance Sheet Account Асс. No. Debit Credit Debit Credit Debit Credit Debit Credit Cash 101 2,440 2,440 Accounts Receivable 102 8,000 8,000 Merchandise Inventory 120 21,000 21,000 4,400 4,400 Supplies 125 1,700 1,250 450 Prepaid Insurance 126 2,000 1,200 800 Land 140 40,000 40,000 Building 150 120,000 120,000 Equipment 155 40,000 40,000 Accounts Payable 200 13,700 13,700 HST Payable 205 2,440 2,440 HST Refundable 206 560 560 Mortgage Payable 210 50,000 50,000 T. Ali, Capital T. Ali, Drawings 300 137,560 137,560 301 6,000 6,000 Sales 400 195,000 195,000 Sales Returns and Allowances 401 1,000 1,000 Sales Discounts 402 300 300 Purchases 500 95,000 95,000 Purchase Returns and Allowances 501 3,300 3,300 Purchase Discounts 502 3,000 3,000 Transportation In 503 7,000 7,000 Delivery Expense 600 7,000 7,000 Salaries Expense 601 50,000 5,000 55,000 General Expense 602 3,000 3,000 405,000 405.000 Supplies Expense 603 1,250 1,250 Accumulated Depreciation-Building 152 12,000 12,000 Depreciation Expense-Building 604 12,000 12,000 Accumulated Depreciation-Equipment 157 8,000 8,000 Depreciation Expense-Equipment 605 8,000 8,000 Insurance Expense 606 1,200 1,200 Salaries Payable 203 5,000 5,000 27,450 27,450 211,750 205,700 222,650 228,700 Net Loss 6,050 6,050 211,750 211,750 228,700 228,700
Transcribed Image Text:Cooper Brother Stores Worksheet For the year ended December 31, 2020 Trail Balance Adjustments Income Statement Balance Sheet Account Асс. No. Debit Credit Debit Credit Debit Credit Debit Credit Cash 101 2,440 2,440 Accounts Receivable 102 8,000 8,000 Merchandise Inventory 120 21,000 21,000 4,400 4,400 Supplies 125 1,700 1,250 450 Prepaid Insurance 126 2,000 1,200 800 Land 140 40,000 40,000 Building 150 120,000 120,000 Equipment 155 40,000 40,000 Accounts Payable 200 13,700 13,700 HST Payable 205 2,440 2,440 HST Refundable 206 560 560 Mortgage Payable 210 50,000 50,000 T. Ali, Capital T. Ali, Drawings 300 137,560 137,560 301 6,000 6,000 Sales 400 195,000 195,000 Sales Returns and Allowances 401 1,000 1,000 Sales Discounts 402 300 300 Purchases 500 95,000 95,000 Purchase Returns and Allowances 501 3,300 3,300 Purchase Discounts 502 3,000 3,000 Transportation In 503 7,000 7,000 Delivery Expense 600 7,000 7,000 Salaries Expense 601 50,000 5,000 55,000 General Expense 602 3,000 3,000 405,000 405.000 Supplies Expense 603 1,250 1,250 Accumulated Depreciation-Building 152 12,000 12,000 Depreciation Expense-Building 604 12,000 12,000 Accumulated Depreciation-Equipment 157 8,000 8,000 Depreciation Expense-Equipment 605 8,000 8,000 Insurance Expense 606 1,200 1,200 Salaries Payable 203 5,000 5,000 27,450 27,450 211,750 205,700 222,650 228,700 Net Loss 6,050 6,050 211,750 211,750 228,700 228,700
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