Using the trial balance provided above, prepare an income statement and statement of changes in equity for
Question:
Analysis Component: Prepare two different journal entries, including explanations, that might have created the May 31, 2014, balance in Utilities Expense of $1,400. Use May 31, 2014, as the date for your entries.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Wildcat Opticians Trial Balance May 31, 2014 Acct. No. Account Title Debit Credit 10 Cash. 106 Accounts receivable o 124 Office suppliesn 128 Prepaid insurance. 163 Office equipmentn 201 Accounts payable..uo 230 Unearned service revenue 301 Bo Wildcat, capital.... 302 Bo Wildcat, withdrawals 403 Services revenue...cbaucco 623 Wages expense. 640 Rent expense 690 Utilities expense... n$18,500 8,480 6,400 9,820 25,600 5 1,600 7,800 56,300 . 1.480 25,280 5,000 4,300 1,400 $90,980 Total $90,980
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Revenues Service revenue Operating expenses Wages expense Rent expense WILDCAT OPTICIANS Net inco...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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