Great Adventures, Inc. began their business on July 1, 2021. Using the adjusted trial balance below, prepare a Classified Balance Sheet for December 31, 2021. Great Adventures, Inc.Adjusted Trial BalanceDecember 31, 2021AccountsDebitCreditAccounts Payable2,800Accumulated Depreciation8,000Advertising Expense1,000Cash64.200Common Stock20,000Depreciation Expense8,000Dividends4,000Equipment40,000Insurance Expense2,400Interest Expense750Interest Payable750Legal Fees Expense1,500Miscellaneous Expense1,200Notes Payable30,000Prepaid Insurance2,400Prepaid Rent1,600Rent Expense800Retained EarningsSalaries Expense2,000Service Revenue72,900Supplies (Office)500Supplies Expense (Office)4,100Totals$134,450$134,450

A balance sheet is also known as a statement of financial position considered as one of the most…

December 31, 2021 Accounts Debit Credit Accounts Payable 2,800 Accumulated Depreciation $,000 Advertising Expense 1,000 Cash 64,200 Common Stock 20,000 Depreciation Expense $,000 Dividends 4,000 Equipment 40,000 Insurance Expense 2,400 Interest Expense 750 Interest Payable 750 Legal Fees Expense 1,500 Miscellaneous Expense 1,200 Notes Payable 30,000 Prepaid Insurance 2,400 Prepaid Rent 1,600 Rent Expense S00 Retained Earnings Salaries Expense 2,000 Service Revenue 72,900 Supplies (Office) 500 Supplies Expense (Office) 4,100 Totals $134,450 $134,450

December 31, 2021 Accounts Debit Credit Accounts Payable 2,800 Accumulated Depreciation $,000 Advertising Expense 1,000 Cash 64,200 Common Stock 20,000 Depreciation Expense $,000 Dividends 4,000 Equipment 40,000 Insurance Expense 2,400 Interest Expense 750 Interest Payable 750 Legal Fees Expense 1,500 Miscellaneous Expense 1,200 Notes Payable 30,000 Prepaid Insurance 2,400 Prepaid Rent 1,600 Rent Expense S00 Retained Earnings Salaries Expense 2,000 Service Revenue 72,900 Supplies (Office) 500 Supplies Expense (Office) 4,100 Totals $134,450 $134,450

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...

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