Answered step by step
Verified Expert Solution
Question
1 Approved Answer
14) The accounts of Aiman's Candy Shop, follow with their normal balances at May 31, 2020. The accounts are listed in alphabetical order Debit Credit
14) The accounts of Aiman's Candy Shop, follow with their normal balances at May 31, 2020. The accounts are listed in alphabetical order Debit Credit Account Balance Account Balance Accounts receivable $4,500 Accounts payable $12,500 Rent expense 6,000 Sales Revenue 9,500 Prepaid insurance 500 Owner's capital 25,000 Insurance expense 1,200 Note payable 3,200 Furniture and fixtures 3,500 Owner's drawings 2,500 Cash 32,000 REQUIRED (1) Prepare the company's Trial balance at May 31, 2020, listing accounts in proper sequence. (3 marks) (2) Prepare a statement of Profit and Loss (Income Statement). (2 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started