Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

where would add bank loan and notes receivables CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Exercise 4-14 Preparing a classified balance sheet Lo6

image text in transcribed

image text in transcribed

where would add bank loan and notes receivables

CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Exercise 4-14 Preparing a classified balance sheet Lo6 excel Sunshine Sushi , a Japanese restaurant, has the following adjusted trial balance with accounts listed in alpha- betical order. Using the template provided, prepare a classified balance sheet for the year ended December 31, 2020. For the bank loan, S60,550 is due in 2021. For Notes receivable. $41,500 will be collected in 2021 Account Title Debt Credit 541.625 99.700 38.250 501.000 Accounts payable Accumulated depreciation, equipment.. Accumulated depreciation, furniture Bank loan Cash Equipment Operating expenses Furniture Merchandise inventory Natsuki Miyakawa, capital Natsuki Miyakawa, withdrawal Notes receivable Revenue Wages payable Total $115.000 373.875 38,150 102.000 34,250 28.500 11.300 115.500 50.750 30.250 $790.075 $790.075 Calibri BI USA B D E F G 13 Debit Credit Debit Credit Debit Credit $41,625 14 Accounts Payable 5 Accumulated Depreciation Equipment 16 Accumulated Depreciation, Furniture $99,700 $38.250 17 Bank Loan $501,000 18 Cash $115.000 19 Equipment $373,875 $38.150 20 Operating Expenses 21 Furniture $102.000 $34.250 22 Merchandise Inventory 23 Nasuki Miyakawa, Capital 24 Nasuki Miyakawa, Withdrawals 28,500 11.300 25 Notes Receivable 115.500 26 Revenue 50.750 27 Wages Payable 30.250 29 TOTALS $790.075 $790,075 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Information Systems Managing the Digital Firm

Authors: Ken Laudon, Jane P. Laudon

13th edition

133050696, 978-0133050691

More Books

Students also viewed these Accounting questions