Answered step by step
Verified Expert Solution
Question
1 Approved Answer
worksheet Classified Balance Sheet As at May 31, 2023 Assets Liabilities Current Liabilities begin{tabular}{lrr} hline Accounts Payable & & hline Unearned Revenue & $30,790
worksheet Classified Balance Sheet As at May 31, 2023 Assets Liabilities Current Liabilities \begin{tabular}{lrr} \hline Accounts Payable & & \\ \hline Unearned Revenue & $30,790 \\ \hline Salaries Payable & $14,500 \\ \hline Current Portion of Bank Loan & $8,250 \\ \hline Total Current Liabilities & 19,980 & \\ \hline Non-Current Liabilities & & $73,520 \\ \hline Non-Current Portion of Bank Loan & \\ \hline Total Liabilities & 29,970 \\ & & $103,490 \\ \hline \end{tabular} Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities \& Equity Notes Relating to Balances: I he Dank loan has an annual interest rate of 9% and has monthly principal payment of $1.665. The Chart of Accounts [GL no.l is shnwn holn.... Worksheet June 30,2023 Ready [OC is Accessibility: Investigate 1 Transactions for the month of June: At the end of June, the following adjustment had to be journalized to properly report the balances of the company's accounts: \begin{tabular}{|l|l|} \hline Jun 30 & ForPrepaidInsurance,recordtheadiustmentof$1,200tothecurrentmonthexpense. \\ \hline Jun 30 & For Unearned Fievenue, $4,350 still remains unearned at the end of June. \\ \hline Jun 30 & Monthly depreciation on the equipment was $2,150. \\ \hline \end{tabular} 1 Transactions for the month of June: At the end of June, the following adjustment had to be journalized to properly report the balances of the company's accounts
worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started