The adjusted trial balance for China Tea Company at December 31, 2018, is presented below:...
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Accounting
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below:
Debit
Credit
Cash
10,500
Accounts receivable
150,000
Prepaid rent
5,000
Inventory
25,000
Equipment
300,000
Accumulated depreciation - equipment
125,000
Accounts payable
30,000
Notes payable - due in three months
30,000
Salaries payable
4,000
Interest payable
1,000
Common stock
200,000
Retained earnings
50,000
Sales revenue
400,000
Costs of goods sold
180,000
Salaries expense
120,000
Rent expense
15,000
Depreciation expense
30,000
Interest expense
2,000
Advertising expense
2,500
Totals
840,000
840,000
Required Prepare a classified balance sheet for China Tea Company as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) CHINA TEA COMPANY Balance Sheet At December 31, 2018
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