BUS3061 Fundamentals of Accounting

BUS3061 - Fundamental Accounting Principles
U02a1 Template

Instructions: Using the following designations for balance sheet categories, place the designator in the column next to the account title.

·         (CA) - Current Asset

·         (LTA) - Long-term Asset

·         (CL) - Current Liability

·         (LTL) - Long-term Liability

·         (EQ) - Equity

BUS3061 Fundamentals of Accounting

Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper format, similar to the one that begins on the bottom of page 115 of the McCrary text, Mastering Financial Accounting Essentials: The Critical Nuts and Bolts.

·      Wages payable - $880.00.

·      Supplies - $80.00.

·      Common stock - $10,000.00.

·      Equipment - $217,200.00

·      Interest payable - $3,600.00.

·      Retained earnings - $27,520.00.

·      Accounts receivable - $400.00.

·      Long-term bonds payable - $150,000.00.

·      Cash - $3,050.00.

·      Advances from customers - $460.00.

·      Prepaid insurance - $830.00.

·      Accumulated depreciation - $29,100.00.