Question
After its first month of operations, Paquette Advisors showed the following account balances in its general ledger accounts (T-accounts) as at January 31, 2020. Cash
After its first month of operations, Paquette Advisors showed the following account balances in its general ledger accounts (T-accounts) as at January 31, 2020.
Cash | Accounts Receivable | Office Equipment | |||||
15,000 | 3,800 | 22,500 |
Accounts Payable | Unearned Revenue | Aaron Paquette, Capital | |||||
8,000 | 2,600 | 9,500 |
Aaron Paquette, Withdrawals | Consulting Revenues | Salaries Expense | |||||
2,000 | 41,700 | 10,000 |
Rent Expense | Utilities Expense | |||
7,500 | 1,000 |
During February, the following transactions occurred:
Feb. | 1 | Performed work for a client and received cash of $8,500. |
5 | Paid $5,000 regarding outstanding accounts payable. | |
10 | Received cash of $3,600 for work to be done in March. | |
12 | Called FasCo Rentals to book the use of some equipment next month. The $400 rental fee will be paid in full when the equipment is returned. | |
17 | The owner withdrew cash of $3,000 for personal use. | |
28 | Paid salaries of $10,000. |
Required: 1. Record the journal entries for the month of February. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Post the transactions from your General Journal to the General Ledger (T-accounts below). Include the date next to each posting.
3. Prepare a trial balance based on the balances in your T-accounts.
4. Prepare an income statement for the two months ended February 28, 2020.
5. Prepare a statement of changes in equity for the two months ended February 28, 2020.
6. Prepare the balance sheet as at February 28, 2020.
Pls just number 5 answer
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