Bentley Inc. completed all of its September 30, 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 September 30, 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 Accounts payable $5,100 entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases Accounts receivable 8,800 equity, choose '-Equity'. Accumulated depreciation, building 38,000 General Journal Accumulated depreciation, equipment Effect On Page Gj1 16,800 Date Account/Explanation F Debit Credit Balance Sheet Accumulated depreciation, furniture 9,400 Allowance for doubtful accounts 430 Building + 63,000 Cash 4,980 Equipment 44,000 Expenses, including cost of goods sold 347,000 b) Prepare a classified balance sheet at September 30, 2015. Furniture 23,000 (select one) Share capital 28,400 Balance Sheet Land 51,000 (select one) Merchandise inventory. 15,700 Long-term notes payable 41,000 Retained earnings 42,000 Sales 372,780 Unearned revenue 3,570 X X X 1) All accounts have normal balances. 2) $12,000 of the note payable balance is due by September 30, 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 $54,100 Building 28,100 Equipment 30,300 Furniture 12,600 Bentley Inc. completed all of its September 30, 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 September 30, 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 Accounts payable $5,100 entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases Accounts receivable 8,800 equity, choose '-Equity'. Accumulated depreciation, building 38,000 General Journal Accumulated depreciation, equipment Effect On Page Gj1 16,800 Date Account/Explanation F Debit Credit Balance Sheet Accumulated depreciation, furniture 9,400 Allowance for doubtful accounts 430 Building + 63,000 Cash 4,980 Equipment 44,000 Expenses, including cost of goods sold 347,000 b) Prepare a classified balance sheet at September 30, 2015. Furniture 23,000 (select one) Share capital 28,400 Balance Sheet Land 51,000 (select one) Merchandise inventory. 15,700 Long-term notes payable 41,000 Retained earnings 42,000 Sales 372,780 Unearned revenue 3,570 X X X 1) All accounts have normal balances. 2) $12,000 of the note payable balance is due by September 30, 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 $54,100 Building 28,100 Equipment 30,300 Furniture 12,600
