Martin Air Freight

Adjusted Trial Balance

December $31$

Cwrants Hssets

Debit

Credit

$$18,200$

Accounts receivable

$34,200$

Supplies

$2,100$

Long$-$term investments

$25,000$

$4$

Shipping equipment

$45,000$

Accumulated depreciation$-$Shipping

$$11,080$

equipment

Patent $16,000$

Accounts payable

$16,200$

Wages payable

$4,120$

Long$-$term notes payable$*$

$20,000$

Common stock

$10,000$

Retained earnings

$30,400$

VersioN

$1.$ Prepare a classicied balance sheet based on the year end adjusted trial balance, then perpare required closing entires