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CoursHeroTranscribedText: Use the following to answer questions 1 and 2 below: Below is the year-end...

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Accounting

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CoursHeroTranscribedText: Use the following to answer questions 1 and 2 below: Below is the year-end adjusted trial balance of the ledger of Acosta Accounting. ACOSTA ACCOUNTING Adjusted Trial Balance December 31, 20XX Cash $100,000 Accounts receivable 7,000 Prepaid rent 15,000 Prepaid insurance 9,000 Office supplies 3,300 Office equipment 8,000 Accumulated amortization, equipment $3,200 Building 350,000 Accumulated amortization, building 42,000 Land 700,000 Accounts payable 5,800 Salaries payable 14,500 Interest payable 2,500 Long-term note payable 52,000 Margarita Acosta, capital 1,010,000 Margarita Acosta, withdrawals 200,500 Service fees earned 370,800 Salaries expense 90,000 Insurance expense 5.200 Rent expense 5,000 Amortization expense, equipment 800 Amortization expense, building 7,000 Totals $1,500,800 $1,500,800 1.Prepare a classified year-end balance sheet. A $7,000 installment on the long- term note payable is due within one year

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