The following is the trial balance prepared for Owen?s Art Supplies. Instructions a. Prepare an income statement.
Question:
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.
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
Step by Step Answer:
a b OWENS ART SUPPLIES Statement of Owners Equity Year Ended December 31 2021 O Leduc capital Januar...View the full answer
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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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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