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The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the
The following is a December 31, 2024, post-closing trial balance for the Jackson Corporation. Account Title Cash Accounts receivable Inventory Prepaid rent (for the next 8 months). Investment in equity securities (short term) Machinery Accumulated depreciation Patent (net) Accounts payable Salaries payable Income taxes payable Bonds payable (due in 10 years) Common stock Retained earnings Totals Required: Debits $ 57,000 Credits 51,000 92,000 33,000 27,000 230,000 $ 28,000 96,000 16,500 12,500 49,000 240,000 200,000 40,000 $ 586,000 $ 586,000 Prepare a classified balance sheet for Jackson Corporation at December 31, 2024, by properly classifying each of the accounts. Note: Amounts to be deducted should be indicated by a minus sign.
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