Preparing a classified balance sheet
Account Title Debit
Cash $ 8,000
Accounts receivable 17,500
Office supplies 3,000
Trucks 172,000
Accumulated depreciation Trucks $ 36,000
Land 85,000
Accounts payable 12,000
Interest payable 4,000
Long-term notes payable 58,000
Common stock 15,000
Retained earnings 155,000
Dividends 20,000
Trucking fees earned 130,000
Depreciation expense Trucks 23,500
Salaries expense 61,000
Office supplies expense 8,000
Repairs expense Trucks 12,000
Totals $ 410,000 $ 410,000
Use the above adjusted trial balance to prepare Wilson Trucking Company classified balance sheet as of December 31.
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