Prepare a classified balance sheet

Reference no: EM13170092

(a) Construct T-accounts and enter the balances shown.
(b) Prepare adjusting journal entries for the following and post to the T-accounts. (Omit explanations.) Open additional T-accounts as necessary. (The books are closed yearly on December 31.)
(1) Bad debt expense is estimated to be $1,400.
(2) Equipment is depreciated based on a 7-year life (no salvage value).
(3) Insurance expired during the year $2,550.
(4) Interest accrued on notes payable $3,360.
(5) Sales salaries and wages earned but not paid $2,400.
(6) Advertising paid in advance $700.
(7) Office supplies on hand $1,500, charged to Supplies Expense when purchased.
(c) Prepare closing entries and post to the accounts.

Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified balance sheet. (Note:$10,000 of the mortgage payable is due for payment in the next fiscal year.)
(c) Journalize the adjusting entries using the worksheet as a basis.
(d) Journalize the closing entries using the worksheet as a basis.
(e) Prepare a post-closing trial balance.

Reference no: EM13170092

Questions Cloud

What is the molecular formula empirical formula of nh2cl : empirical formula for 2.80 g nitrogen and 8.00 g oxygen. what is the molecular formula empirical formula of NH2Cl, molar mass = 51.5 g/mol

What is the most appropriate cost estimating method : The Program Office has access to a database of the costs of adding similar equipment to 15 other types of aircraft. What is the most appropriate cost estimating method for this situation and budget for the estimated negotiated price and the maximum..

The reduction potential for the saturated calomel electrode : what is the voltage after the addition of the following volume of NaI solution? The reduction potential for the saturated calomel electrode is E = 0.241 V. The standard reduction potential for the reaction is E0 = 0.79993 V.

Manuscript presentation and speech : What are some ways we can prevent "losing" our audience during a manuscript presentation/speech? What are some tactics for recovering a manuscript presentation once the audience has "checked out?"

Prepare a classified balance sheet : Journalize the adjusting entries using the worksheet as a basis and journalize the closing entries using the worksheet as a basis

Institutional discrimination-individual discrimination : How does institutional discrimination differ from individual discrimination? Which is the most serious social problem, and why? Identify a current example of each concept.

What products would expect from acid-catalyzed hydration : What products would expect from acid-catalyzed hydration of the following alkenes?

What is differences between partial and full validation : what is the differences between partial and full method validation? under what circumstances are they being carried out?

Define thobbing : Define thobbing? What strategies you can use to prevent yourself from the practice of throbbing?

User Account

All Pages