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  3. 1. prepare in good format, an income statement. 2.

1. Prepare in good format, an income statement. 2. Prepare in good format, a statement...

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Accounting

1. Prepare in good format, an income statement.

2. Prepare in good format, a statement of owners equity.

3. Prepare a classified year-end balance sheet. (Note: A $9,000 installment on the long-term note payable is due within one year.)

Account Debit Credit

Cash

$ 112,000

Accounts receivable

27,000

Prepaid rent

15,000

Prepaid Insurance

9,000

Office supplies

3,300

Office equipment

38,000

Accumulated depreciationEquipment

$3,200

Building

288,000

Accumulated depreciationBuilding

42,000

Land

700,000

Accounts payable

25,800

Salaries payable

14,500

Interest payable

2,500

Long-term note payable

72,000

P. Blessinger, Capital

910,000

P. Blessinger, Withdrawals

200,500

Service fees earned

430,800

Salaries expense

90,000

Insurance expense

5,200

Rent expense

5,000

Depreciation expenseEquipment

800

Depreciation expenseBuilding

7,000

Totals

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