Question
Question 2 (40 marks) The following account balances are taken from the adjusted trial balance of Fine Lanes Co. at December 31, 2021. Debit Credit
Question 2 (40 marks) The following account balances are taken from the adjusted trial balance of Fine Lanes Co. at December 31, 2021. Debit Credit D. Allen, Withdrawals 23,500.00 Accounts Payable 535.00 Equipment Repairs Expense 630.00 Long Term Notes Receivable 8,175.00 Rent Payable 975.00 Bowling Supplies 315.00 Bowling Supplies Expense 1,835.00 Prepaid Insurance 320.00 Insurance Expense 1,680.00 Accumulated Depreciation- Bowling Equip. 18,585.00 Utilities Expense 3,530.00 Bowling Equipment 64,325.00 Interest Expense 900.00 Patent 10,000.00 Depreciation Expense, Bowling Equipment 7,125.00 Wages payable 420.00 Long Term Notes Payable 15,000.00 Bowling Revenue 81,750.00 Property Tax Expense 1,045.00 D. Allen, Capital 31,800.00 Wages Expense 24,720.00 Cash 1,250.00 Property Taxes Payable 285.00 Totals 149,350.00 149,350.00 1. The current portion of the notes payable due in 12 months is $6,000 2. $4,200 was invested during the year 3. The current portion of the notes receivable due in 2022 is $2,500 Required Prepare a balance sheet for the year 2021.
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