The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1.

INSTRUCTIONS

Using the accounting equation form, determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner’s equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. List the expenses on the income statement in alphabetical order.

Analyze: 

What net change in owner’s equity occurred during the month of April?

Transcribed Image Text:

Cash Accounts Receivable Maintenance Expense Advertising Expense Fees Earned Ping Chung, Capital, April 1 Salaries Expense Machinery Accounts Payable Ping Chung, Withdrawals for April $120,000 48,000 18,400 15,560 107,200 ? 52,000 84,000 52,800 27,200