The following information is taken from the accounting records of Village Pet Shelter at December 31, 2014, the organization's year end:
1. The organization owned $50,000 in guaranteed investment certificates due June 30, 2015.
2. The Bank of Montreal chequing account balance was $4,566 after all adjusting entries had been made.
3. The Bank of Montreal savings account balance was $35,600 before recording $150 in December interest revenue.
4. The Bank of Nova Scotia Chequing account balance, after all adjustments, is $80,700. The funds in this account were donated by a private foundation for the purpose of purchasing new shelter furnishings, which they plan to do in February, 2015.
Instructions
Prepare a partial balance sheet for Village Pet Shelter at December 31 showing how this information should be presented.

Question

Quizplus · Accepted Answer

The Answer of The following information is taken from the accounting records of Village Pet Shelter at December 31, 2014, the organization's year end:
1. The organization owned $50,000 in guaranteed investment certificates due June 30, 2015.
2. The Bank of Montreal chequing account balance was $4,566 after all adjusting entries had been made.
3. The Bank of Montreal savings account balance was $35,600 before recording $150 in December interest revenue.
4. The Bank of Nova Scotia Chequing account balance, after all adjustments, is $80,700. The funds in this account were donated by a private foundation for the purpose of purchasing new shelter furnishings, which they plan to do in February, 2015.
Instructions
Prepare a partial balance sheet for Village Pet Shelter at December 31 showing how this information should be presented.

The Following Information Is Taken from the Accounting Records of Village