Account Titles

Debits

Credits

Cash

$20,000

Account Receivable

$130,000

Raw Materials

$24,000

Note Receivable

$100,000

Interest receivable

$3,000

interest payable

$5,000

marketable securities

$32,000

Land

$50,000

Buildings

$1,300,000

Accumulated depreciation -buildings

$620,000

Work in progress

$42,000

Finished Goods

$89,000

Equipment

$300,000

Accumulated depreciation- equipment

$130,000

Patent (net of amortization)

$120,000

Prepaid rent(for the next two years)

$60,000

Deferred revenue

$36,000

Account Payable

$180,000

Note Payable

$400,000

Cash restricted for payment of note payable

$80,000

Allowance for uncollectible accounts

$13,000

Sales revenue

$800,000

Cost of goods sold

$450,000

Rent expense

$28,000