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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 Debits $ 41,000 Credits 35,000 76,000 17,000 11,000 150,000 $ 12,000 80,000 8,500 4,500 33,000 150,000 110,000 92,000 $ 410,000 $ 410,000 Required: 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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