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Can someone please make sure I'm doing my Income Statement correctly? I was supposed to turn my adjusted Trial Balance into an income statement. ACC1020Kwafo_Comp
Can someone please make sure I'm doing my Income Statement correctly? I was supposed to turn my adjusted Trial Balance into an income statement.
ACC1020Kwafo_Comp Problen File Home Insert Page Layout Formulas Data Review View Tell me what you want AW41 Y ZA AB AC AD 9 Adjusted Trial Balance Income Statement Debit Balance Sheet Account Title Credit Debit 11,700 11,200 23,600 1,050 Debit 11,700 11,200 23,600 1,050 Accounts Receivable 13 Merchandise Inventory 15 Prepaid Insurance 17 Accum. Depr. - Equipment 550 550 Equipment 5,400 5,400 1,200 7,100 360 250 500 50,000 Accounts Payable Wages Payable 360 250 500 50,000 20 Sales Tax Payable Unearned Revenue W. P. Ellis, Capital 10,500 25,000 23 W. P. Ellis, Drawing 10,500 23,600 57,990 23,600 57,990 25,000 Income Summary Sales Sales Returns & Allowances 1,450 34,500 1,450 34,500 27 Purchases Purchases Returns & Allow Purchases Discounts 1,100 630 360 11,240 740 360 11,240 740 31 Wages Expense 32 Advertising Expense 33 Supplies Expense 34 Telephone Expense 35 Utilities Expense 36 Insurance Expense 37 Depreciation Exp. Equipment 38 Miscellaneous Expense 39 Interest Expense 2,300 250 1,100 2,300 250 320 920 142,730 320 920 78,730 4,590 83,320 59,410 4,590 64,000 83,320 64,000 Net Income 42 83,320 64,000 Work Sheet and Journals Post-Closing Trial Balance | Sheet1Step by Step Solution
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