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Analyze the following transactions for Omicron Corporation for the month of November and prepare the General Ledger accounts, Trial Balance, and Income Statement. Date Account
Analyze the following transactions for Omicron Corporation for the month of November and prepare the General Ledger accounts, Trial Balance, and Income Statement.
Date | Account Title | Debit ($) | Credit ($) |
Nov 1 | Cash | 120,000 | |
Nov 5 | Purchases | 50,000 | |
Nov 10 | Sales Revenue | 140,000 | |
Nov 15 | Rent Expense | 14,000 | |
Nov 20 | Accounts Payable | 30,000 | |
Nov 25 | Utilities Expense | 7,000 | |
Nov 30 | Depreciation Expense | 4,000 |
Calculate the Trial Balance, Income Statement, and Taxes assuming a tax rate of 18%.
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