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Exercise 5-11 Presented below is the adjusted trial balance of Vaughn Corporation at December 31, 2017. Debit Credit Cash $? Supplies 1,470 Prepaid Insurance 1,270
Exercise 5-11
Presented below is the adjusted trial balance of Vaughn Corporation at December 31, 2017.
Debit | Credit | |
Cash | $? | |
Supplies | 1,470 | |
Prepaid Insurance | 1,270 | |
Equipment | 48,270 | |
Accumulated Depreciation-Equipment | $4,270 | |
Trademarks | 1,220 | |
Accounts Payable | 10,270 | |
Salaries and Wages Payable | 770 | |
Unearned Service Revenue | 2,270 | |
Bonds Payable (due 2024) | 9,270 | |
Common Stock | 10,270 | |
Retained Earnings | 25,270 | |
Service Revenue | 10,270 | |
Salaries and Wages Expense | 9,270 | |
Insurance Expense | 1,670 | |
Rent Expense | 1,470 | |
Interest Expense | 1,170 | |
Total | $? | $? |
Additional information:
1. | Net loss for the year was $3,310. |
2. | No dividends were declared during 2017. |
Prepare a classified balance sheet as of December 31, 2017.(List Current Assets in order of liquidity.)
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