Prepare a classified balance sheet at November 30. (List Current Assets in order of liquidity.) LARKSPUR...
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Prepare a classified balance sheet at November 30. (List Current Assets in order of liquidity.) LARKSPUR Balance Sheet Current Assets Cash Accounts Receivable Inventory Supplies Total Current Assets Property, Plant and Equipment Equipment November 30, 2022 Less ✓ Accumulated Depreciation-Equipment Total Property, Plant and Equipment Total Assets Assets SA |> √3 2096 624 2128 960 18000 750 5808 17250 23058 Current Liabilities Accounts Payable Unearned Service Revenue Salaries and Wages Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity ✓ 4260 390 300 12000 6108 K tA 4950 18108 23058 (9) Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Date Account Titles and Explanation Nov. 30 Nov. 30 Nov. 30 (To close revenue accounts and other accounts with credit balances.) (To close expense accounts and other accounts with debit balances.) (To close income summary.) Post the closing entries. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter 0 for the amount.) 11/1 Bal.. 11/10 11/19 11/22 11/29 11/30 Bal. 11/1 Bal. 11/12 11/29 11/30 Bal. 11/11 11/30 Bal. 11/1 Bal. 11/27 11/30 Bal. Cash 5,400 11/8 1,140 11/20 3,234 11/28 1,380 11/29 405 11/29 2,096 Accounts Receivable 1,344 11/10 3,300 11/19 420 624 Inventory 4,800 11/12 11/15 11/20 2,128 Supplies 516 Adj. 1,020 960 2,130 4,528 1,800 225 780 1,140 3,300 2,400 180 92 576 11/1 Bal. 11/25 11/30 Bal. 11/15 11/20 11/28 Adj. 11/8 Equipment 15,000 3,000 18,000 Accumulated Depreciation-Equipment 11/1 Bal. Adj. 11/30 Bal. Accounts Payable 180 11/1 Bal. 4,620 11/11 1,800 11/25 11/27 11/30 Bal. Unearned Service Revenue 2,415 11/1 Bal. 11/29 11/30 Bal. Salaries and Wages Payable 1,020 11/1 Bal. Adj. 11/30 Bal. Common Stock 11/1 Bal.. 11/30 Bal. 600 150 750 2,040 4,800 3,000 1,020 4,260 2,400 405 390 1,020 300 300 12,000 12,000 Adj. Adj. > > Retained Earnings 11/1 Bal. Service Revenue 11/22 11/29 Adj. Depreciation Expense 150 Supplies Expense 576 4,200 1,380 420 2,415 11/8 11/29 Adj. 11/29 11/12 11/19 Salaries and Wages Expense 1,110 780 300 Rent Expense 225 Sales Revenue 11/12 Cost of Goods Sold 2,400 Sales Discounts 66 3,300 Income Summary Prepare a classified balance sheet at November 30. (List Current Assets in order of liquidity.) LARKSPUR Balance Sheet Current Assets Cash Accounts Receivable Inventory Supplies Total Current Assets Property, Plant and Equipment Equipment November 30, 2022 Less ✓ Accumulated Depreciation-Equipment Total Property, Plant and Equipment Total Assets Assets SA |> √3 2096 624 2128 960 18000 750 5808 17250 23058 Current Liabilities Accounts Payable Unearned Service Revenue Salaries and Wages Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity ✓ 4260 390 300 12000 6108 K tA 4950 18108 23058 (9) Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Date Account Titles and Explanation Nov. 30 Nov. 30 Nov. 30 (To close revenue accounts and other accounts with credit balances.) (To close expense accounts and other accounts with debit balances.) (To close income summary.) Post the closing entries. (Post entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter 0 for the amount.) 11/1 Bal.. 11/10 11/19 11/22 11/29 11/30 Bal. 11/1 Bal. 11/12 11/29 11/30 Bal. 11/11 11/30 Bal. 11/1 Bal. 11/27 11/30 Bal. Cash 5,400 11/8 1,140 11/20 3,234 11/28 1,380 11/29 405 11/29 2,096 Accounts Receivable 1,344 11/10 3,300 11/19 420 624 Inventory 4,800 11/12 11/15 11/20 2,128 Supplies 516 Adj. 1,020 960 2,130 4,528 1,800 225 780 1,140 3,300 2,400 180 92 576 11/1 Bal. 11/25 11/30 Bal. 11/15 11/20 11/28 Adj. 11/8 Equipment 15,000 3,000 18,000 Accumulated Depreciation-Equipment 11/1 Bal. Adj. 11/30 Bal. Accounts Payable 180 11/1 Bal. 4,620 11/11 1,800 11/25 11/27 11/30 Bal. Unearned Service Revenue 2,415 11/1 Bal. 11/29 11/30 Bal. Salaries and Wages Payable 1,020 11/1 Bal. Adj. 11/30 Bal. Common Stock 11/1 Bal.. 11/30 Bal. 600 150 750 2,040 4,800 3,000 1,020 4,260 2,400 405 390 1,020 300 300 12,000 12,000 Adj. Adj. > > Retained Earnings 11/1 Bal. Service Revenue 11/22 11/29 Adj. Depreciation Expense 150 Supplies Expense 576 4,200 1,380 420 2,415 11/8 11/29 Adj. 11/29 11/12 11/19 Salaries and Wages Expense 1,110 780 300 Rent Expense 225 Sales Revenue 11/12 Cost of Goods Sold 2,400 Sales Discounts 66 3,300 Income Summary
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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