Barton Corporation completed all of its May 31, 2015, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. Adjusted Trial Balance a) Prepare the entry (entries) to record any impairment losses at May 31, 2015. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Accounts payable $4,900 Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. Accounts receivable 9,000 Accumulated depreciation, building. 33,000 General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet Accumulated depreciation, equipment. 17,100 Accumulated depreciation, furniture 9,600 Allowance for doubtful accounts +Assets 410 + - -Assets Building. 64,000 +Liabilities Cash 5,030 |-Liabilities Equipment 42,000 b) Prepare a classified balance sheet at May 31, 2015 +Equity -Equity Expenses, including cost of goods sold 348,000 (select one) Furniture 25,000 Balance Sheet Share capital 28,400 (select one) Land 46,000 Merchandise inventory. 16,100 Long-term notes payable 42,000 Retained earnings 38,000 Sales 378,090 Unearned revenue. 3,630 X X X X 1) All accounts have normal balances. 2) $12,300 of the note payable balance is due by May 31, 2016. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Recoverable Value Land $47,100 Building 30,000 Equipment 27,000 Furniture_ 17,500 Barton Corporation completed all of its May 31, 2015, adjustments in preparation for preparing its financial statements, which resulted in the following adjusted trial balance. Adjusted Trial Balance a) Prepare the entry (entries) to record any impairment losses at May 31, 2015. Assume the company recorded no impairment losses in previous years. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Accounts payable $4,900 Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. Accounts receivable 9,000 Accumulated depreciation, building. 33,000 General Journal Page Gj1 Effect On Date Account/Explanation F Debit Credit Balance Sheet Accumulated depreciation, equipment. 17,100 Accumulated depreciation, furniture 9,600 Allowance for doubtful accounts +Assets 410 + - -Assets Building. 64,000 +Liabilities Cash 5,030 |-Liabilities Equipment 42,000 b) Prepare a classified balance sheet at May 31, 2015 +Equity -Equity Expenses, including cost of goods sold 348,000 (select one) Furniture 25,000 Balance Sheet Share capital 28,400 (select one) Land 46,000 Merchandise inventory. 16,100 Long-term notes payable 42,000 Retained earnings 38,000 Sales 378,090 Unearned revenue. 3,630 X X X X 1) All accounts have normal balances. 2) $12,300 of the note payable balance is due by May 31, 2016. The final task in the year-end process was to assess the assets for impairment, which resulted in the following schedule. Asset Recoverable Value Land $47,100 Building 30,000 Equipment 27,000 Furniture_ 17,500
