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A. Prepare a Balance Sheet ( Vertical Format ) from this Trial Balance: Account Name Debit Credit Cash in savings $120,000.00 Accounts receivable $5,000.00 Prepaid
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| Prepare a Balance Sheet ( Vertical Format ) from this Trial Balance: | ||||
| Account Name | Debit | Credit | ||
| Cash in savings | $120,000.00 | |||
| Accounts receivable | $5,000.00 | |||
| Prepaid rent | $20,000.00 | |||
| Furniture and fixtures | $10,000.00 | |||
| Accumulated depreciation - furniture and fixtures | $1,800.00 | |||
| Equipment | $75,000.00 | |||
| Accumulated depreciation - equipment | $7,500.00 | |||
| Accounts payable | $2,800.00 | |||
| Notes payable | $10,000.00 | |||
| Owner's equity | $150,000.00 | |||
| Owner's drawing account | $10,000.00 | |||
| Sales | $145,300.00 | |||
| Laundry Supplies | $4,500.00 | |||
| Allowance for doubtful accounts | $500.00 | |||
| Advertising | $5,500.00 | |||
| Bad debt/Doudtful account expense | $300.00 | |||
| Depreciation- Furniture | $600.00 | |||
| Depreciation- Laundry Equipment | $2,500.00 | |||
| Insurance | $2,500.00 | |||
| Laudry Supply expense | $5,000.00 | |||
| Salary Expense | $15,000.00 | |||
| Rent | $30,000.00 | |||
| Utilities | $12,000.00 | |||
| Totals | $317,900.00 | $317,900.00 |
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