The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below.
Account TitleDebits CreditsCash21,000 Accounts receivable300,000 Prepaid rent10,000 Inventory50,000 Office equipment600,000 Accumulated depreciation—office equipment 250,000Accounts payable 60,000Note payable (due in six months) 60,000Salaries payable 8,000Interest payable 2,000Common stock 400,000Retained earnings 100,000Sales revenue 800,000Cost of goods sold480,000 Salaries expense120,000 Rent expense30,000 Depreciation expense60,000 Interest expense4,000 Advertising expense5,000 Totals1,680,000 1,680,000
income statement for the year ended December 31, 2018.
classified balance sheet as of December 31, 2018.
necessary closing entries at December 31, 2018.