The adjusted trial balance for Phoebe Company is presented Instructions a . Prepare an income statemen t
Question:
The adjusted trial balance for Phoebe Company is presented
Instructions
a. Prepare an income statemen t and an owner's equity statement for the year. Phoebe did not make any capital investments during the year.
b. Prepare a classified balance sheet at July 31.
Phoebe Company Adjusted Trial Balance July 31, 2022 Account Titles No. 101 Cash 112 Accounts Receivable 157 158 201 208 301 306 400 429 711 726 732 Equipment Accumulated Depreciation Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Debit $ 9,840 8,780 15,900 16,000 8,000 55,700 14,900 $129,120 Credit $ 7,400 4,220 1,800 45,200 64,000 6,500 $129,120
Step by Step Answer:
Solution a Phoebe Company income statement for the year ended July 31 2022 Revenue from operations S...View the full answer
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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