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Since it says that $10,000 of the $50,000 mortgages payable is due in the nxt period, shouldnt the $40,000that will be paid within this yr be current liabilities and the $10,000 that will be due nxt yr be in long term liabilities??

Cooke Co.xd COOKE COMPANY Worksheet For The Month Ended September 30, 2017 Trial Balance Adjusted Trial Balance Dr. Cr Dr. 37,400 18,600 1,900 80,000 120,000 Account Titles Cr 37,400 7 Cash 8 Supplies 9 Prepaid Insurance Land 1Equipment 3,900 80,000 120,000 2 Accumulated Depreciation-Equipment 13 Accounts Payable 14 Unearned Service Revenue 15 Mortgage Payable 36,200 14,600 2,700 50,000 07,700 42,000 14,600 700 50,000 107,700 2,000 16 Common Stock 7 Retained Earnings, Sept. 1, 2017 18 Dividends 19 Service Revenue 20 Salaries and Wages Expense 21 Maintenance and Repairs Expense 22Advertising Expense 23 Utilities Expenses 24 Property Tax Expense 25 Interest Expense 26 Totals 14,000 4,000 278,500 280,500 109,000 109,000 30,500 9,400 16,900 18,000 6,000 491,700 0,500 9,400 16,900 21,000 12,000 491,700 28,000 14,400 27 Insurance Expense 28 Supplies Expense 29 Interest Payable 6,000 30 Depreciation Expense 31 Property Taxes Payable 32 Totals 3,000 Instructions (a) Prepare a complete worksheet (b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.) (d) Journalize the adjusting entries using the worksheet as a basis

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