Prepare a December 31 Balance Sheet in Proper Form for Cane

question 324

Essay

Prepare a December 31 balance sheet in proper form for Cane Property Management using the following accounts and amounts:
$\begin{array}{lr}\text { Commissions earned } & \$ 40,000 \\\text { Accounts payable } & 3,500 \\\text { Accounts receivable } & 5,000 \\\text { Common stock} & 100,000 \\\text { Retained earnings } & 4,500 \\\text { Office equipment } & 10,000\\\text {Advertising expense}&3,200\\\text {Cash}&7,500\\\text {Land}&35,000\\\text {Note payable}&50,000\\\text {Office supplies}&1,500\\\text {Salaries expense}&12,000\\\text {Salaries payable}&1,000\\\text {Building}&100,000\end{array}$

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