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MNO Enterprises had these balances as of April 30, 2024: Cash: $13,000 Accounts Receivable: $10,000 Inventory: $5,000 Accounts Payable: $7,500 Salaries Payable: $2,800 Land: $70,000

MNO Enterprises had these balances as of April 30, 2024:

  • Cash: $13,000
  • Accounts Receivable: $10,000
  • Inventory: $5,000
  • Accounts Payable: $7,500
  • Salaries Payable: $2,800
  • Land: $70,000
  • Accumulated Depreciation: $12,000
  • Notes Payable: $20,000
  • Common Stock: $30,000
  • Retained Earnings: $25,700

Requirements:

  1. Prepare a trial balance.
  2. Make adjusting entries for:
    • Depreciation expense: $3,500
    • Inventory adjustment: $800
  3. Prepare an adjusted trial balance.
  4. Create a balance sheet.
  5. Explain how notes payable impact the balance sheet.

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