In: Accounting
Problem 13-4 Various liabilities [LO13-1, 13-2, 13-3, 13-4]
The unadjusted trial balance of the Manufacturing Equitable at
December 31, 2018, the end of its fiscal year, included the
following account balances. Manufacturing’s 2018 financial
statements were issued on April 1, 2019.
Accounts receivable | $ | 104,000 |
Accounts payable | 40,000 | |
Bank notes payable | 616,000 | |
Mortgage note payable | 1,445,000 | |
Other information:
Required:
1. Prepare any necessary adjusting journal entries
at December 31, 2018, pertaining to each item of other information
(a–d).
2. Prepare the current and long-term liability
sections of the December 31, 2018, balance sheet.