Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4 Feline Pet Care Trial Balance July 31, 2020 Acct.No Account Title 101 Cash Debit $ 22,000 Credit 106 Accounts receivable 10,600 128 '24 Prepaid
4 Feline Pet Care Trial Balance July 31, 2020 Acct.No Account Title 101 Cash Debit $ 22,000 Credit 106 Accounts receivable 10,600 128 '24 Prepaid insurance. 11,500 163 Equipment 17,200 points 173 Building 182,000 183 Land 126,000 201 Accounts payable $ 10,360 230 Unearned revenue 301 Dwight Turnbull, capital 87,000 282,760 302 Dwight Turnbull, withdrawals 7,600 401 Revenue 93,780 623 Wages expense 48,000 645 Equipment rental expense. 24,000 655 Advertising expense 8,200 684 Pet food expense 16,800 Totals $473,900 $473,900 Required: Using the trial balance provided above, prepare an income statement and statement of changes in equity for the f 31, 2020, and a balance sheet at July 31, 2020. FELINE PET CARE 4 Required: Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first year ended July 31, 2020, and a balance sheet at July 31, 2020. ints Revenues: FELINE PET CARE Income Statement For Year Ended July 31, 2020 Operating expenses Total operating expenses nts: FELINE PET CARE Statement of Changes in Equity For Year Ended July 31, 2020 Dwight Turnbull, capital, August 1 Less: Investments by owner Total Dwight Turnbull, capital, July 31 0 0 Assets FELINE PET CARE Balance Sheet July 31, 2020 Total liabilities Equity Liabilities Total assets $ 0 Total liabilities and equity $ 0 Analysis Component: Prepare two different journal entries, that might have created the July 31, 2020, balance in Revenue of $93,780. Use July 31, 2020, as the date for your entries. View transaction list Journal entry worksheet 1 2 Record receipt of cash for completing work for clients. Note: Enter debits before credits Date July 31, 2020 General Journal Debit Credit Analysis Component: Prepare two different journal entries, that might have created the July 31, 2020, balance in Revenue of. the date for your entries. View transaction list Journal entry worksheet < 1 2 Record the work completed for clients on account. Note: Enter debits before credits. Date July 31, 2020 General Journal Debit Credit
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