The following is the trial balance prepared for Owen?s Art Supplies.

Instructions

a. Prepare an income statement.

b. Prepare a statement of owner?s equity.

c. Prepare a balance sheet.

Taking it further

Discuss how well the company performed.

Transcribed Image Text:

OWEN'S ART SUPPLIES Trial Balance December 31, 2021 Debit Credit Cash $ 2,550 Accounts receivable 3,310 Supplies Equipment Accounts payable Unearned revenue 1,830 21,000 $ 3,420 4,660 O. Leduc, capital O. Leduc, drawings 17,890 10,300 Service revenue 26,600 6,000 Rent expense Salaries expense Supplies expense 6,300 1,280 $52,570 $52,570