233.A number of accounts are listed below. Use the table to classify each account by indicating whether it is a temporary or permanent account, whether it is included in the Income Statement or Balance sheet, and if it is closed at the end of the accounting period, and, if so, whether it is closed with a debit or credit. The first one is done as an example.
Account
Permanent (P) or
Income
Statement (IS)
or Balance
Closed (C) or Not
Closed with
Debit (Dr) or
a.Accounts payablePBSNC
b.Accounts receivable
c.Accumulated depreciation, Building
d.Marketing expense
e.Cash
f.Unearned revenues
g.Depreciation expense—Building
h.Dividends
i.Building
j.Insurance expense
k.Interest expense
l.Miscellaneous expense
mNotes payable
n.Store supplies
o.Store supplies expense
p.Prepaid rent
q.Rent expense
r.Common stock
s.Salaries expense
t.Salaries payable
u.Service revenue
234.The steps in the accounting cycle are shown below. List them in the correct order in which they are completed:
Prepare adjusted trial balance
Post transactions
Prepare an unadjusted trial balance
Journalize transactions
Prepare the financial statements
Close the temporary accounts
Adjust the ledger accounts
Prepare a post-closing trial balance
Analyze transactions
235.The calendar year-end adjusted trial balance for Blessinger Co., Inc. follows:
BLESSINGER CO., Inc.
AdjustedTrialBalance
December 31
Cash$112,000
Accounts receivable27,000
Prepaid rent15,000
Prepaid Insurance9,000
Office supplies3,300
Office equipment38,000
Accumulated depreciation—Equipment$3,200
Building288,000
Accumulated depreciation—Building42,000
Land700,000
Accounts payable25,800
Salaries payable14,500
Interest payable2,500
Long-term note payable72,000
Common stock1,000
Retained earnings909,000
Dividends200,500
Service fees earned430,800
Salaries expense90,000
Insurance expense5,200
Rent expense5,000
Depreciation expense—Equipment800
Depreciation expense—Building7,000
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.)