HOMEWORK 5 OUT OF 5 The adjusted trial balance for Cullumber Bowling Alley at December 31, 2020, contains the following accounts. Debits CreditsBuildings $ 128,800 Owner’s Capital $ 119,800Accounts Receivable 14,200 Accumulated Depreciation—Buildings 42,600Prepaid Insurance 4,900 Accounts Payable 11,700Cash 19,100 Notes Payable 96,600Equipment 61,700 Accumulated Depreciation—Equipment 17,400Land 68,800 Interest Payable 2,700Insurance Expense 600 Service Revenue 16,500Depreciation Expense 6,800 Interest Expense 2,400 $ 307,300 $ 307,300(a)Prepare a classified balance sheet; assume that $ 29,700 of the note payable will be paid in 2021. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) CULLUMBER BOWLING ALLEYBalance Sheet Assets $ $ $ : : $ Liabilities and Owner's Equity $ $ $ eTextbook and Media

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Answered: The adjusted trial balance for…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 71BPSB: Problem 3-71B Preparing a Worksheet (Appendix 3A) Flint Inc. operates a cable television System. At...

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HOMEWORK 5 OUT OF 5

The adjusted trial balance for Cullumber Bowling Alley at December 31, 2020, contains the following accounts.

Debits	Credits
Buildings	$ 128,800	Owner’s Capital	$ 119,800
Accounts Receivable	14,200	Accumulated Depreciation—Buildings	42,600
Prepaid Insurance	4,900	Accounts Payable	11,700
Cash	19,100	Notes Payable	96,600
Equipment	61,700	Accumulated Depreciation—Equipment	17,400
Land	68,800	Interest Payable	2,700
Insurance Expense	600	Service Revenue	16,500
Depreciation Expense	6,800
Interest Expense	2,400
	$ 307,300		$ 307,300

(a)

Prepare a classified balance sheet; assume that $ 29,700 of the note payable will be paid in 2021. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

CULLUMBER BOWLING ALLEY
Balance Sheet

Assets


			$

					$



	$

:

:

					$
Liabilities and Owner's Equity


			$

					$

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