Below Is the Adjusted Trial Balance for Parsons Repair Service

question 143

Essay

Below is the adjusted trial balance for Parsons Repair Service.Please prepare the balance sheet at December 31,2012.
$\begin{array}{|l|r|r|}\hline\text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 1,600 &\\\hline \text { Accounts receivable } & 2,400 \\\hline \text { Prepaid rent } & 800 \\\hline \text { Supplies } & 200 \\\hline \text { Building } & 14,000\\\hline \text { Accumulated depreciation } & & \$ 2,000 \\\hline \text { Accounts payable } & & 4,200 \\\text { Salary payable } & & 1,000 \\\hline \text { Unearned revenue } & & 800 \\\hline \text { D. Parsons, capital } & & 6,000 \\\hline \text { D. Parsons, drawing } & 1,000 \\\hline \text { Service revenue } &&50,000 \\\hline \text { Salary expense } & 21,000 \\\hline\text { Rent expense } & 14,000 \\\hline \text { Depreciation expense } & 8,500 \\\hline \text { Supplies expense } & 500 \\\hline \text { Total } & \$ 64,000& \$ 64,000\\\hline\end{array}$

Gain knowledge about the historical use and legal status of certain drugs.

Comprehend the role of neurotransmitters in the effects of alcohol and other drugs.

Understand the mechanisms and dangers of psychoactive drugs on perception, thinking, and memory.

Identify the symptoms and treatment options for drug dependence and addiction.

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Definitions:

Common Stock

Represents equity ownership in a corporation, providing holders with voting rights and a share in the company's profits through dividends.

Note Payable

A written agreement to pay a certain sum of money, typically with interest, at a future date.

IFRS

A global framework for financial reporting, International Financial Reporting Standards are accounting standards established by the International Accounting Standards Board (IASB).

Financial Liability

An obligation that requires the entity to transfer economic benefits including money, goods, or services to another entity as a result of past transactions or events.