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Create a classified balance sheet using the balances listed

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Reference no: EM132678207

Preston Services' financial accounting information for the year ending June 30, 2019 is presented below. Assume all accounts have a normal balance.

Cash$ 8,180
Equipment$ 36,190
Accounts Payable$ 4,880
Accounts Receivable$ 3,560
Accumulated Depreciation$ 840
Unearned Revenue$ 180
Merchandise Inventory$ 7,870
Prepaid Insurance$ 2,070
Bank Loan$ 36,000
Presto, Capital$ 15,970

  • The bank loan is payable over 3 years and $12,000 will be paid by June 30, 2020.

Required

Problem 1: Create a classified balance sheet using the balances listed above. Select accounts according to their classification. If more than one account is used under a classification, enter them in the order of appearance in the list above. For example, if cash and accounts receivable are both current assets, choose cash for the first drop down menu, and accounts receivable for the second.

Reference no: EM132678207

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