Business, 25.02.2020 19:47, princessakosua2

Exercise 2-12 (Algo) Financial statements and closing entries [LO2-7, 2-8] The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 51,900 Accounts receivable 290,000 Prepaid rent 9,000 Inventory 43,000 Office equipment 530,000 Accumulated depreciation 222,000 Accounts payable 56,000 Notes payable (due in six months) 39,000 Salaries payable 6,800 Interest payable 1,300 Common stock 400,000 Retained earnings 115,000 Sales revenue 680,000 Cost of goods sold 408,000 Salaries expense 102,000 Rent expense 27,000 Depreciation expense 53,000 Interest expense 2,600 Advertising expense 3,600 Totals 1,520,100 1,520,100 Required: 1-a. Prepare an income statement for the year ended December 31, 2021. 1-b. Prepare a classified balance sheet as of December 31, 2021. 2. Prepare the necessary closing entries at December 31, 2021.

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Exercise 2-12 (Algo) Financial statements and closing entries [LO2-7, 2-8] The December 31, 2021, ad...