Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you please provide some guidance on how to balance this unadjusted trial balance? What is missing to balance this; Cash in bank $770 Accounts
Can you please provide some guidance on how to balance this unadjusted trial balance?
What is missing to balance this;
Cash in bank | $770 | |
Accounts Receivables | $1,480 | |
Office Supplies | $3,310 | |
Equipment | $7,606 | |
Accounts Payable | $648 | |
Capital | $8000 | |
Service Fees | $17,350 | |
Salaries | $11,240 | |
Utilities Expense | $842 | |
Rent Expense | $360 | |
Insurance Expense | $280 | |
Advertising Expense | $146 | |
Totals | $26,034 | $26,034 |
INCOME STATEMENT | |||
For the Month End August 31, 2023 | |||
Revenue | |||
Service Fees Earned | $ 17,350.00 | ||
Operating Expenses | |||
Advertising Expense | $ 146.00 | ||
Insurance Expense | 280.00 | ||
Rent Expense | 360.00 | ||
Utilities Expense | 842.00 | ||
Salaries Expense | 11,240.00 | ||
Total Operating Expenses | 12,868.00 | ||
Net Income | $ 4,482.00 |
how would we get this to balance?
BALANCE SHEET | |||
Thursday, August 31, 2023 | |||
ASSETS | LIABILITIES AND OWNER'S EQUITY | ||
Assets | Liabilities | ||
Cash | $ 770.00 | Accounts Payable | $ 648.00 |
Accounts Receivables | 1,480.00 | Total Liabilities | 648.00 |
Office Supplies | 3,310.00 | ||
Equipment | 7,606.00 | ||
Owner's Equity | |||
Sharon Kors, Capital | 12,482.00 | ||
Total Assets | $ 13,166.00 | Total Liabilities and Owner's Equity | $ 13,130.00 |
Step by Step Solution
★★★★★
3.43 Rating (156 Votes )
There are 3 Steps involved in it
Step: 1
ANSWER To balance the unadjusted trial balance and ensure it matches the totals ...
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