- The following Trial Balance is given for the quarter ended March 31, 2020.
| Debit | Credit | ||
| Cash
Accounts Receivable Prepaid Insurance Supplies Equipment Owner’s Drawings Salaries and Wages Sundry expenses |
$ 5000
2000 3000 1500 50,000 4000 3000 1500 |
Notes Payable
Accounts payable Owner’s Capital Service Revenue Unearned revenue |
$ 30,000
2000 25,000 10,000 3000 |
| $70,000 | $70,000 |
Other data:
- A physical count reveals of $ 500 supplies on hand
- Insurance expires at the rate of $ 200 per month
- Depreciate Equipment at 20% p.a.
- Unearned Revenue amounted to $ 1000 is still unearned at period end.
- Accrued salaries are $ 1000.
Instructions:
- Prepare a worksheet using 10 column.
- Journalize the closing entries.
- prepare a classified balance sheet assuming 80% of notes payable representing long term
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