Asked by Khush Bhullar on Jul 14, 2024
Verified
The calendar year-end adjusted trial balance for Blessinger Co. follows:
Required:
(a) Prepare a classified year-end balance sheet. (Note: A $9,000 installment on the long-term note payable is due within one year.)
(b) Prepare the required closing entries.
Classified Balance Sheet
A financial statement that groups assets, liabilities, and equity into categorized sections for easier analysis.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.
Long-term Note Payable
A debt obligation that is due for repayment beyond one year's time, representing a form of long-term financing.
- Appreciate the procedure and value of generating income statements and balance sheets.
- Comprehend the procedure and significance of making closing entries within the accounting cycle.
Verified Answer
*NI = $430,800 — $90,000 — $5,200 — $5,000 — $800 — $7,000 = $322,800
Ending Retained earnings = $710,000 + $322,800 — $200,500 = $832,300
Learning Objectives
- Appreciate the procedure and value of generating income statements and balance sheets.
- Comprehend the procedure and significance of making closing entries within the accounting cycle.
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