EXAMPLE OF CLASSIFIED BALANCE SHEET BELOW:

Continuing Problemm This problem continues the Carl Redmon Consulting situation begun in Problem 1-42 of Chapter 1 and continued from Problem 3-44 of Chapter 3. oks and ssified P4-39 Refer to Problem 3-44 of Chapter 3. Start from the posted T-accounts and the adjusted trial balance that Carl Redmon Consulting prepared for his business at December 31: CARL REDMON CONSULTING Adjusted Trial Balance December 31, 2008 Balance Debit Credit Account Title Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Furniture ccumulated depreciation-furniture S 7,700 500 100 2,000 $ 50 600 ccounts payable Salary payable Unearned service revenue Carl Redmon, capital Carl Redmon, withdrawal Service revenue 60 3,600 500 600 10,000 1,600 ,200 ent expense Utilities expense Salary expense Depreciation expense-equipment Depreciation expense-furniture Supplies expense Total 500 200 500 50 60 200 $18,010 $18,010 Requirements 1. Journalize and post the closing entries at December 31. Denote each closing amount as Clo. and an account balance as Bal. 2. Prepare a classified balance sheet at December 31. 3. If your instructor assigns it, complete the accounting work sheet at December 31. Completing the Accounting Cycle 235