1. Prepare a classified balance sheet at September 30. (List current assets in order of liquidity.)

2. Identify which accounts should be closed on September 30.

3. If the note bears interest at 12%, how many months has it been outstanding?

 

Transcribed Image Text:

Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense SUNLAND CREEK GOLF INC. Trial Balance September 30, 2022 Depreciation Expense Supplies Expense Utilities Expense Interest Expense Unadjusted Dr. $6,500 670 1,200 1,700 16,000 410 8,960 920 7,560 Cr. $5,500 1,300 1,180 15,800 0 19,000 1,140 Dr. Adjusted $6,500 1,550 330 850 16,000 410 9,590 1,770 320 870 7,560 55 $43,920 $43,920 $45,805 Cr. $ 320 5,500 1,300 630 55 450 15,800 O 19,880 1,870 $45,805 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense SUNLAND CREEK GOLF INC. Trial Balance September 30, 2022 Depreciation Expense Supplies Expense Utilities Expense Interest Expense Unadjusted Dr. $6,500 670 1,200 1,700 16,000 410 8,960 920 7,560 Cr. $5,500 1,300 1,180 15,800 0 19,000 1,140 Dr. Adjusted $6,500 1,550 330 850 16,000 410 9,590 1,770 320 870 7,560 55 $43,920 $43,920 $45,805 Cr. $ 320 5,500 1,300 630 55 450 15,800 O 19,880 1,870 $45,805

Answer rating: 100% (QA)

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