4-15,4-16,4-17.

Is this an errorr Il so, correct the error using both methods shown in this chapter. Provide an explanation for each journal entry. Starter 4-14 Suppose a company made the following journal entry to close its revenae 60,000 ao0unts: 55,000 income Summary Service Revenue Comecting enors 5,000 Nov 30 Other Revenue Make the single journal entry to correct this eror, then show the alterma tive way to correct it. Provide an explanation for each journal entry. To close the revenue accounts Ink Jet Printing reported the following partial list of accounts $1,300 Building $4,000 Cassiying assets and labilibes as cument or long term Starter 4-15 550 Service Revenue 600 Accounts Payable 1,050 500 Supplies 90 Accumulated Amortization- Building Cash Accounts Receivable Interest Expense 2,400 800 Land 300 250 Salaries Payable Prepaid Expenses.. 1. Identify the assets 2 Classify each asset and each liability as current or long term. (including contra assets) and liabilities. Indicate where each of the following accounts would be reported in the financial statements for the year ended December 31, 2016: Starter 4-16 Clessity accounts (5) Prepaid Rent Unearned Revenue Property, plant, and equipment a. 1. 2. Note Payable (due June 30, 2019) b. Current asset c. Current liability 3. 4. Accounts Receivable d. Long-term liability Accounts Payable 5. Accumulated Amortization 7. Supplies Company Truck 8. Calculations involving account classifications Starter 4-17 This starter should be used in conjunction with Starter 4-15, Examine In 5 Cunt blities, $850 Jet Printing's account balances in Starter 4-15. Identify and compute the following amounts for Ink Jet Printing: a. Total current assets b. Book value of the building c. Total current liabilities d. Total long-term liabilities Calcane ratios Starter 4-18 Calculate the current ratio and the debt ratio for IK Consultin 61 Debt ratio 030 December 31, 2017