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Blessinger Company Adjusted Trial Balance December 31 Debit...

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Accounting

Blessinger Company
Adjusted Trial Balance
December 31
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 depreciation-Equipment $ 3,200
Building 288,000
Accumulated depreciation-Building 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
Services revenue 430,800
Salaries expense 90,000
Insurance expense 5,200
Rent expense 5,000
Depreciation expense Equipment 800
Depreciation expense Building 7,000
Totals: $ 1,500,800 $ 1,500,800
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.

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