Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. Based on the following post-closing trial balance for the year ended March 31, 2020, create a classified balance sheet for BB Legal Services. (14

image text in transcribed
5. Based on the following post-closing trial balance for the year ended March 31, 2020, create a classified balance sheet for BB Legal Services. (14 marks) Credit $ Account Cash Accounts receivable Supplies Notes receivable, due January 1, 2023 Equipment Accumulated depreciation, equipment Copyright Accounts payable Unearned revenues Long-term notes payable Ben Beckett, capital Debit 13,750 4,255 835 12,500 43,000 $ 9,250 16,750 5,240 13,800 18,500 44,300 Totals $ 91,090 $ 91,00 Balance Sheet Assets Liabilities Owner's Equity 5. Based on the following post-closing trial balance for the year ended March 31, 2020, create a classified balance sheet for BB Legal Services. (14 marks) Credit $ Account Cash Accounts receivable Supplies Notes receivable, due January 1, 2023 Equipment Accumulated depreciation, equipment Copyright Accounts payable Unearned revenues Long-term notes payable Ben Beckett, capital Debit 13,750 4,255 835 12,500 43,000 $ 9,250 16,750 5,240 13,800 18,500 44,300 Totals $ 91,090 $ 91,00 Balance Sheet Assets Liabilities Owner's Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Analysing Financial Statements For Non-Specialists

Authors: Jim OHare

2nd Edition

1138641529, 9781138641525

More Books

Students also viewed these Accounting questions

Question

In your opinion, how will HR change in the future? Why?

Answered: 1 week ago