Additional information: • Materials inventory (ending) - $2,800 • Work in process (ending) - $3,200 • Finished goods (ending) - $2,100 Based on the given adjusted trial balance of Cheviss Company (December 31, 2019) on the picture + additional information written above: prepare a balance sheet and create the journal entries necessary to close the accounts.
Extracted text: Debit Credit Cash 11,700 Accounts receivable 400 Materials inventory 2,600 Work in process inventory 1, 800 Finished goods inventory 1,200 Plant and equipment 5,000 Accumulated depreciation, plant and equipment 500 Accounts payable 8,600 Common stock 6,000 Retained earnings 11,000 Sales 40,000 Direct factory labor 13,600 Material purchases 11,900 Depreciation, plant and equipment 2,000 Freight-in materials 1,100 Insurance and taxes, plant and equipment 200 Indirect factory labor 5,800 Rent, administrative building 5,500 Salaries, general and administrative 2,300 Office supplies, general and administrative 1,000 66,100 66,100