Reference no: EM132635686
Question - The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts.
Debits Credits
Buildings $128,000 Common Stock $ 80,000
Accounts Receivable 7,540 Retained Earnings 28,000
Prepaid Insurance 4,680 Accumulated Depreciation-Buildings 42,600
Cash 18,040 Accounts Payable 12,300
Equipment 62,400 Notes Payable 95,000
Land 67,000 Accumulated Depreciation-Equipment 18,720
Insurance Expense 780 Interest Payable 2,600
Depreciation Expense 7,360 Service Revenue 19,180
Interest Expense 2,600
$298,400 $298,400
Instructions - Prepare a classified balance sheet; assume that $15,000 of the note payable will be paid?