Question
Before closing entries at 12/31/2019, Trisco prepared the following adjusted trial balance (hint: accounts have not been classified, yet): Debit Credit - Cash 3,000 -
- Before closing entries at 12/31/2019, Trisco prepared the following adjusted trial balance (hint: accounts have not been classified, yet):
Debit Credit
- Cash 3,000
- Rent expense 49,000
- Income taxes expense 2,000
- Supplies expense 23,000
- Salaries expense 147,000
- Accounts receivable 44,000
- Depreciation expense 9,000
- Wages expense 42,000
- Prepaid insurance expense 2,000
- Equipment 75,000
- Investments 20,000
- Interest expense 3,000
- Supplies inventory 5,000
- Retained earnings 2,000
- Unearned rent revenue 22,000
- Notes payable (due in 2021) 20,000
- Wages payable 9,000
- Accounts payable 15,000
- Contributed capital 60,000
- Equipment accumulate depreciation 18,000
- Design service revenue 278,000
424,000 424,000
Trisco has paid dividends during the year for $ 500. Retained earnings was $ 2,500 at 01/01/2018.
Required: Prepare a classified income statement, a statement of retained earnings and a classified balance sheet for 2018.
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