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LG 15-2. Item $ Amount Current Asset Long-Term  Investment  Property, Plant, and Equipment Current Liability Long- Term Liability Owner’s Equity  Cash $10,000   $10,000            Accounts Payable $1,600         $1,600        Land used in operations $20,000       $20,000          Fees Earned $35,000   NOT A BALANCE SHEET ITEM  10-year note payable $20,000           $20,000      Prepaid Insurance $2,000   $2,000       $4,000        Unearned Revenue  $4,000         $3,500        Wages Payable   $3,500                Office Supplies $500   $500              3-month U.S. treasury                    bill investment $2,500   $2,500              R. J. Dribble, Capital $7,500             $7,500    Merchandise Inventory $3,000   $3,000              Wages Expense $3,000   NOT A BALANCE SHEET ITEM  Building $120,000       $120,000          Accum. Dep’n.—                   Building $30,000       ($30,000)          Land held for future use $20,000     $20,000            Interest Payable $900         $900            Totals    $18,000 $20,000 $110,000 $10,000 $20,000 $7,500

Learning Goal 15: Prepare a Classified Balance Sheet

S3

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Worthy & James Publishing is a provider of basic accounting books covering fundamental accounting principles, business accounting, and business math. Topics in financial accounting and business accounting covered include the balance sheet, the income statement, financial ratios, and bank reconciliation.

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