The following adjusted trial balance was taken from the work sheet of Babylon Lighting. Assume the owner, Jillian Johnson, made no additional investments during the year.

Babylon Lighting Adjusted Trial Balance December 31, 20--
Account Title		Debit		Credit
Cash		29,900
Accounts Receivable		55,200
Merchandise Inventory		42,600
Store Supplies		1,180
Office Supplies		400
Prepaid Insurance		1,200
Store Equipment		37,000
Accumulated Depreciation—Store Equipment				5,000
Office Equipment		15,000
Accumulated Depreciation—Office Equipment				3,600
Accounts Payable				27,300
Salaries Payable				1,340
Mortgage Payable (Current portion: $1,200)				29,600
Jillian Johnson, Capital				104,480
Jillian Johnson, Drawing		8,600
Income Summary		46,600		42,600
Sales				106,600
Sales Discounts		1,600
Purchases		61,800
Purchases Returns and Allowances				3,000
Purchases Discounts				2,400
Sales Salary Expense		13,600
Office Salary Expense		7,600
Advertising Expense		800
Store Supplies Expense		600
Office Supplies Expense		480
Insurance Expense		260
Depreciation Expense—Store Equipment		1,000
Depreciation Expense—Office Equipment		500
		325,920		325,920

  

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Prepare a classified balance sheet for Babylon Lighting as of December 31, 20--. SE Babylon Lighting Balance Sheet December 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Prepare a classified balance sheet for Babylon Lighting as of December 31, 20--. SE Babylon Lighting Balance Sheet December 31, 20-- Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets

Answer rating: 100% (QA)

Preparation of Balance sheet as on December3120xx Babylon Lighting a Adjusted Trial Balance as on De... View the full answer