Account Cash Accounts Receivable Prepaid Rent Unadjusted trial balance Debit 50,650.00 2,975.00 Credit Prepaid Insurance Vehicle Office Supplies Accumulated Depreciation Notes Payable Accounts Payable Wages Payable 7,170.00 750.00 15,000.00 750.00 250.00 25,000.00 155.00 325.00 Owner's Capital Owner Draws Service Revenue 50,000.00 1,000.00 5,525.00 Rent Expense 1,195.00 Business License Expense 250.00 Telephone Expense 155.00 Repairs and Maintenance Expense 210.00 Advertising Expense 250.00 Wages Expense 650.00 Depreciation Expense 250.00 Total: 81,255.00 81,255.00 A Company Income Statement For Month ending 06/30/20XX Revenues Service Revenue $ 5,525.00 Total Revenues $ 5,525.00 Operating Expenses: Rent Expense $ 1,195.00 Business License Expense $ 250.00 Depreciation Expense $ 250.00 Telephone Expense $ 155.00 Repairs & Maintenance Expense $ 210.00 Advertising Expense $ 250.00 Wages Expense $ 650.00 Total Operating Expenses: Net Income 2,960.00 2,565.00 Beginning Capital on 6/01/20XX Increases to capital Company Name Statement of Owner's Equity Period Ending 06/30/20XX Net income/loss: Owner Contributions Subtotal: Decreases to capital $ $ 2,565.00 $ 50,000.00 $ 52,565.00 Owner Draws $ 1,000.00 es $ 51,565.00 Ending Equity as of 06/30/20XX Assets Current Assets: Cash Accounts Receivable Prepaid Rent Prepaid Insurance As of June 30, 20XX Liabilities and Owners' Equity Current Liabilities: Accounts Payable 50,650.00 2,975.00 7,170.00 750.00 Wages Payable Total Current Liabilities 155.00 325.00 480.00 Office Supplies 750.00 Long Term Liabilities: Notes Payable 25,000.00 Total Current Assets 62,295.00 Total Long Term Liabilities: 25,000.00 Total Liabilities: 25,480.00 Owner's Equity Ending Equity 51,565.00 Non-Current Assets: Accumulated Depreciation Vehicle (250.00) 15,000.00 Total Equity 51,565.00 Total Non Current/Fixed Assets 14,750.00 Total Assets: 77,045.00 Total Liabilities & Equity 77,045.00 A Company Closing Entries Month ending 06/30/20XX Date Accounts 30-Jun Service Revenue Income Summary Debit Credit 5,525.00 5,525.00 Close revenues 30-Jun Income Summary Rent Expense Business License Expense Depreciation Expense Telephone Expense Repairs & Maintenance Repairs Advertising Expenses Wages Expenses 2,960.00 1,195.00 250.00 250.00 155.00 210.00 250.00 650.00 Close Expenses 30-Jun Income Summary 2,565.00 Net Income 2,565.00 Close Income Summary 30-Jun Owner Draws Summary Owner Draws 1,000.00 1,000.00 Close Owners Draw 12,050.00 12,050.00