Account	Debit	Credit
Cash	22,252
Accounts Receivable	7,100
Allowance for Bad Debts		2,400
Supplies Inventory	3,200
Merchandise Inventory	17,600
Prepaid Insurance	9,200
Equipment	75,836
Accumulated Depreciation Equipment		7,400
Office Equipment	30,739
Accumulated Depreciation Office Equipment		17,130
Building	154,300
Accumulated Depreciation Building		20,150
Accounts Payable		2,754
Wages Payable		10,700
Interest Payable		59
Unearned Service Revenue		300
Long-term Notes Payable		21,000
Common Stock $2 par		40,000
Additional Paid in Capital Common		80,000
Retained Earnings		56,750
Treasury stock (5,000 shares)	12,000
Sales Revenues		330,262
Cost of Goods Sold	95,081
Wages Expense	68,400
Rent Expense	20,500
Insurance Expense	400
Supplies Expense	28,400
Utilities Expense	20,150
Advertising Expense	8,125
Depreciation Expense	11,630
Bad Debts	2,400
Interest Expense	1592
Totals	$588,905	$588,905

Financial Statement Template file Download Financial Statement Template file

Required:

Prepare financials statements using Multi-step Income statement and Classified Balance Sheet Formats for Dec. 31, 20XX. Proper formatting required and points may be taken for incorrect formatting. Note that Meneghan Enterprises has authorized 200,000 shares of $2 par value common stock. They have issued 20,000 shares of the common stock. (These are official documents, so please make sure you put proper headings on each statement).

Checkpoint: Total Assets = $273,147