prepare a classified balance sheet assuming 80% of notes payable representing long term

  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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