Question

and Patie operty taxpayetle 271,112 ,170 come 3. 25.2 27,115 211,115 Sheffield Company Journal entries Date Account 30-Sep Supplies expense Supplies Credit Debit $ 16,366 $ 16,366 $ 27,879 30-Sep Insurance expense Prepaid Insurance $ 27,879 $ 7,430 30-Sep Depreciation expense Accumulated Depreciation - Equipment $ 7,430 $ 2,542 30-Sep Unearned Service Revenue Service Revenue $ 2,542 $ 5,170 30-Sep Interest expense Interest Payable $ 5,170 $ 2,660 30-Sep Property tax expense Property tax Payable $ 2,660

Prepare a clasified Balance Sheet

Answer 1

$39,680 $4,514 $4,021 $48,215 $87,560 $81,630 $1,69,190 $2,17,405 Sheffield Company Balance Sheet September 30, 2020 Assets Current Assets Cash Supplies Prepaid Insurance Total Current Assets Property, Plant & Equipment Land Equipment $1,27,560 Less: Accumulated Depreciation ($45,930) Total Assets Liabilities & Stockholders' Equity Current Liabilities Accounts Payable Unearned Service Revenue Notes Payable, Current portion Interest Payable Property Tax Payable Total Current Liabilities Non Current Liabilites Notes Payable (Long Term) Total Liabilities Stockholders' Equity Common Stock Retained Earnings (i) Total Stockholders' Equity Total Liabilities and Shareholder's Equity $16,880 $718 $10,000 $5,170 $2,660 $35,428 $44,560 $79,988 $1,17,260 $20,157 $1,37,417 $2,17,405 (i) Beginning Reatined Earnings Add: Net Income Less: Dividend Ending Reatined Earnings $2,000 $32,157 -$14,000 $20,157