In: Accounting
The adjusted trial balance columns of the worksheet for Alshwer
Company are as follows.
ALSHWER COMPANY |
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Adjusted Trial Balance |
||||||
Account No. |
Account Titles |
Dr. |
Cr. |
|||
101 | Cash | 5,400 | ||||
112 | Accounts Receivable | 11,000 | ||||
126 | Supplies | 1,400 | ||||
130 | Prepaid Insurance | 1,800 | ||||
157 | Equipment | 26,500 | ||||
158 | Accumulated Depreciation—Equipment | 5,500 | ||||
200 | Notes Payable | 13,200 | ||||
201 | Accounts Payable | 6,200 | ||||
212 | Salaries and Wages Payable | 2,100 | ||||
230 | Interest Payable | 700 | ||||
311 | Common Stock | 10,400 | ||||
320 | Retained Earnings | 4,900 | ||||
332 | Dividends | 6,400 | ||||
400 | Service Revenue | 59,000 | ||||
610 | Advertising Expense | 8,200 | ||||
631 | Supplies Expense | 3,900 | ||||
711 | Depreciation Expense | 5,500 | ||||
722 | Insurance Expense | 3,700 | ||||
726 | Salaries and Wages Expense | 27,500 | ||||
905 | Interest Expense |
700 |
|
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Totals |
102,000 |
102,000 |
A: Prepare a classified balance sheet (Note: $5240 of the notes payable become due in 2018. List Currents Assets in order of liquidity)
B: Prepare the closing entries
A. Classified Balance Sheet of the company is as follows:
B. Closing Entries are as follows:
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