Question

In: Accounting

Required information On January 1, Year 1, the general ledger of a company includes the following...

Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,300 Accounts Receivable 6,700 Supplies 4,600 Land 65,000 Accounts Payable $ 4,700 Common Stock 80,000 Retained Earnings 16,900 Totals $ 101,600 $ 101,600 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,500 ($875/month). January 9 Purchase additional supplies on account, $5,000. January 13 Provide services to customers on account, $27,000. January 17 Receive cash in advance from customers for services to be provided in the future, $5,200. January 20 Pay cash for salaries, $13,000. January 22 Receive cash on accounts receivable, $25,600. January 29 Pay cash on accounts payable, $5,500. 5. Prepare a classified balance sheet as of January 31, Year 1. i just need the classified balance sheet

Solutions

Expert Solution

Workings:-


Related Solutions

Required information On January 1, Year 1, the general ledger of a company includes the following...
Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,400 Accounts Receivable 5,800 Supplies 3,700 Land 56,000 Accounts Payable $ 3,800 Common Stock 71,000 Retained Earnings 15,100 Totals $ 89,900 $ 89,900 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ($650/month). January 9 Purchase additional supplies on account, $4,100. January 13 Provide services to customers on...
Required information The general ledger of Zips Storage at January 1, 2021, includes the following account...
Required information The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 25,000 Accounts Receivable 15,800 Prepaid Insurance 12,800 Land 152,000    Accounts Payable $ 7,100 Deferred Revenue 6,200 Common Stock 147,000 Retained Earnings 45,300 Totals $ 205,600 $ 205,600 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $138,100, and on account, $54,200. 2. February 12 Collect on accounts...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit cash $59,000 accounts receivable $25,600 allowance for uncollectible accounts 2,500 inventory 36,600 notes receivable (5%, due in 2 years) 15,600 land 158,000 Accounts payable 15,100 common stock 223,000 retained earnings 54,200 Totals 294,800 294,800 During January 1 Year 1, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,400 Accounts Receivable 5,800 Supplies 3,700 Land 56,000 Accounts Payable $ 3,800 Common Stock 71,000 Retained Earnings 15,100 Totals $ 89,900 $ 89,900 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,800 ($650/month). January 9 Purchase additional supplies on account, $4,100. January 13 Provide services to customers on account, $26,100....
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,300 Accounts Receivable 6,700 Supplies 4,600 Land 65,000 Accounts Payable $ 4,700 Common Stock 80,000 Retained Earnings 16,900 Totals $ 101,600 $ 101,600 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,500 ($875/month). January 9 Purchase additional supplies on account, $5,000. January 13 Provide services to customers on account, $27,000....
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,800 Accounts Receivable 7,200 Supplies 5,100 Land 70,000 Accounts Payable $ 5,200 Common Stock 85,000 Retained Earnings 17,900 Totals $ 108,100 $ 108,100 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500....
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 24,300 Accounts Receivable 42,500 Allowance for Uncollectible Accounts $ 2,700 Inventory 42,000 Land 79,600 Accounts Payable 29,200 Notes Payable (8%, due in 3 years) 42,000 Common Stock 68,000 Retained Earnings 46,500 Totals $ 188,400 $ 188,400 The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January Year 1, the company had the following inventory...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances:    Accounts Debit Credit Cash $ 59,400 Accounts Receivable 26,400 Allowance for Uncollectible Accounts $ 2,900 Inventory 37,000 Notes Receivable (5%, due in 2 years) 20,400 Land 162,000 Accounts Payable 15,500 Common Stock 227,000 Retained Earnings 59,800 Totals $ 305,200 $ 305,200    During January Year 1, the following transactions occur:    January 1 Purchase equipment for $20,200. The company estimates a residual value...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances:    Accounts Debit Credit Cash $ 59,400 Accounts Receivable 26,400 Allowance for Uncollectible Accounts $ 2,900 Inventory 37,000 Notes Receivable (5%, due in 2 years) 20,400 Land 162,000 Accounts Payable 15,500 Common Stock 227,000 Retained Earnings 59,800 Totals $ 305,200 $ 305,200    During January Year 1, the following transactions occur:    January 1 Purchase equipment for $20,200. The company estimates a residual value...
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25,300 Accounts Receivable 6,700 Supplies 4,600 Land 65,000 Accounts Payable $ 4,700 Common Stock 80,000 Retained Earnings 16,900 Totals $ 101,600 $ 101,600 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,500 ($875/month). January 9 Purchase additional supplies on account, $5,000. January 13 Provide services to customers on account, $27,000....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT