Description of this paper

create a income statement, statement of retained earnings and a balance sheet for the three-month period

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solution


Question

Question;based on the trail balance below create a income statement, statement of retained earnings and a balance sheet for the three-month period. May through July 20XX.Account Debit CreditCash $18,280.00 $-Accounts Receivable $5,300.00 $-Supplies $350.00 $-Supplies Expense $2,010.00Prepaid Rent $3,000.00 $-Rent Expense $3,300.00Land $15,000.00 $-Office Furniture $3,300.00 $-Accumulated Depreciation-Furniture $- $210.00Equipment $4,700.00 $-Accumulated depreciation-Equipment $- $400.00Vehicles $31,000.00 $-Accumulated Depreciation-Vehicles $- $650.00Accounts Payable $- $1,840.00Salaries Payable $- $675.00Unearned Service-Revenue $- $2,800.00Common Stock $- $38,500.00Dividends $3,400.00 $-Service Revenue $- $20,700.00Notes Payable $- $31,000.00Salary Expense $4,050.00 $-Utilties Expense $1,225.00 $-Depreciation Expense-Office Furniture $210.00 $-Depreciation Expense-Equipment $400.00 $-Depreciation Expense-Vehilces $650.00 $-Advertising Expense $325.00 $-Miscellaneous Expense $275.00 $-Total $96,775.00 $96,775.00

 

Paper#44019 | Written in 18-Jul-2015

Price : $25
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