On December 31, Collins Co. had the following list of accounts: Accounts payable

Question

On December 31, Collins Co. had the following list of accounts:

Accounts payable $28,800
Accounts Receivable $49,200
Beginning retained earnings $5700
capital stock 65100
cash 29700
consulting revenue 26400
dividends 12,200
ending retained earnings 6900
entertainment expense 1100
prepaid rent 22300
rent expense 5700
supplies 12,200
supplies expense 5000
travel expense 1200
unearned revenue 12600

prepare a balance sheet on December 31st, classifying and ordering all balance sheet accounts inthe proper sections.

Explanation / Answer

alance sheet on December 31st

capital stock 65100 cash 29700  

retained earnings 6900   Accounts Receivable $49,200

Accounts payable $28,800 supplies 12,200

unearned revenue 12600   prepaid rent 22300

Total 113400 113400     

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