Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 of 2 ipped Required information [The following information applies the questions displayed below.) A six-column table for JKL Company follows. The first two columns

image text in transcribed
2 of 2 ipped Required information [The following information applies the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Adjusted Trial Balance Trial Balance Cash $ 99,570 $ 99,570 Accounts receivable 12,000 23,500 Office supplies 17,800 7,500 Prepaid insurance 9,340 3,160 Office equipment 81,000 81,000 Accum. Depreciation-office equip. $ 24,000 $ 32,000 Accounts payable 8,100 22,000 Interest payable 2,500 Salaries payable 9,000 Unearned consulting fees 20,000 18,000 Long-tern notes payable 52,000 52,800 3. Logan, Capital 54,000 54,000 3. Logan, Withdrawals 10,000 Consulting fees earned 167,000 180,500 Depreciation expense-office equip. 8,000 Salaries expense 67,630 76,030 Interest expense 1,320 3,820 Insurance expense Rent expense 14,660 14,660 Office supplies expense 10,300 Advertising expense 12,380 26,280 Totals $325, 100 $325,100 $370,000 $370,000 10,000 6,180 2(0-1) Prepare JKL Company's income statement for the year ended July 31 2(0-2) Prepare JKL Company's statement of owner's equity for the year ended July 31. Note: J. Logan, Capital at July 31 of the prior year was $54,000, and the current year withdrawals were $10,000. 2(b) Prepare JKL Company's the balance sheet as of July 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

SAP Certified Application Associate Financial Accounting With SAP ERP 6 0

Authors: Kiran K ,Augustine D

1st Edition

1544118724, 978-1544118727

More Books

Students also viewed these Accounting questions