1. The following Trial Balance is given for the quarter ended March 31, 2020.

 

Debit Credit
Cash

Accounts Receivable

Prepaid Insurance

Supplies

Equipment

Owner’s Drawings

Salaries and Wages

Sundry expenses

$ 5000

2000

3000

1500

50,000

4000

3000

1500

Notes Payable

Accounts payable

Owner’s Capital

Service Revenue

Unearned revenue

$ 30,000

2000

25,000

10,000

3000

$70,000 $70,000

 

Other data:

  1. A physical count reveals of $ 500 supplies on hand
  2. Insurance expires at the rate of $ 200 per month
  3. Depreciate Equipment at 20% p.a.
  4. Unearned Revenue amounted to $ 1000 is still unearned at period end.
  5. Accrued salaries are $ 1000.

 

Instructions:

  1. Prepare a worksheet using 10 column.
  2. Journalize the closing entries.
  3. prepare a classified balance sheet assuming 80% of notes payable representing long term

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