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The adjusted trial balance of Chris Adams Co. as of December 31, 2020, contains the following. Chris Adams CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020     Debit   Credit Cash   $20,507         Accounts Receivable   7,955         Prepaid Rent   3,315         Equipment   19,085         Accumulated Depreciation-Equipment         $5,930   Notes Payable         6,735   Accounts Payable         6,507   Common Stock         21,035   Retained Earnings         12,345   Dividends   4,035         Service Revenue         12,625   Salaries and Wages Expense   7,875         Rent Expense   2,182         Depreciation Expense   223         Interest Expense   161         Interest Payable         161       $65,338     $65,338 Prepare an income statement. Prepare a statement of retained earnings. Prepare a classified balance sheet.

The adjusted trial balance of Chris Adams Co. as of December 31, 2020, contains the following. Chris Adams CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020     Debit   Credit Cash   $20,507         Accounts Receivable   7,955         Prepaid Rent   3,315         Equipment   19,085         Accumulated Depreciation-Equipment         $5,930   Notes Payable         6,735   Accounts Payable         6,507   Common Stock         21,035   Retained Earnings         12,345   Dividends   4,035         Service Revenue         12,625   Salaries and Wages Expense   7,875         Rent Expense   2,182         Depreciation Expense   223         Interest Expense   161         Interest Payable         161       $65,338     $65,338 Prepare an income statement. Prepare a statement of retained earnings. Prepare a classified balance sheet.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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The adjusted trial balance of Chris Adams Co. as of December 31, 2020, contains the following.

Chris Adams CO.
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2020
   
Debit
  
Credit
Cash
   $20,507        
Accounts Receivable
   7,955        
Prepaid Rent
   3,315        
Equipment
   19,085        
Accumulated Depreciation-Equipment
         $5,930  
Notes Payable
         6,735  
Accounts Payable
         6,507  
Common Stock
         21,035  
Retained Earnings
         12,345  
Dividends
   4,035        
Service Revenue
         12,625  
Salaries and Wages Expense
   7,875        
Rent Expense
   2,182        
Depreciation Expense
   223        
Interest Expense
   161        
Interest Payable
         161  
   
$65,338
    
$65,338

Prepare an income statement.

Prepare a statement of retained earnings.

Prepare a classified balance sheet.

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