Question 1 Prepare a classified balance sheet for Tip Corporation dated December 31, 2020 using...
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Question 1 Prepare a classified balance sheet for Tip Corporation dated December 31, 2020 using the below data. 40 marks Accounts receivable 3,100 Insurance expense 1,125 Machinery 47,000 Inventory 1,900 Cash 1,430 Retained earnings Accounts payable 2,520 Note payable (4 year) 8,130 Common shares 40,700 Dividend 820 Question 2 - Record for Tip Corporation the required adjusting journal entries on December 31, 2020 for the below transactions. 30 marks a. The Supplies account had a $1,270 balance on Jan 1, 2020. Company purchased additional supplies of $680 during the year. Supplies on hand on Dec 31, 2020 was $710. b. On Aug 1, 2020, collected $3,890 as advance from a customer for services to be provided over the next one year. c. Purchased a machine on Jan 1 2020 for 7,050 with useful life of 6 years
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