Question
CHILLY COMPANY Based on the data below prepare Income Statement and Statement of Financial Position (Balance Sheet) of Chilly Company in good form. Chilly Company
CHILLY COMPANY
Based on the data below prepare Income Statement and Statement of Financial Position (Balance Sheet) of Chilly Company in good form.
Chilly Company
Adjusted Trial Balance
December 31, 2021
| rent payable | 3000 | accounts receivable | 3000 |
| service revenue | 86250 | accounts payable | 2250 |
| capital | 37500 | interest expense | 1500 |
| prepaid insurance | 3500 | depreciation expense | 5250 |
| notes payable | 5000 | retained earnings | 11250 |
| supplies expense | 6000 | equipment | 32500 |
| cash | 3750 | insurance expense | 13500 |
| utilities expense | 9000 | office supplies inventory | 1500 |
| unearned service revenue | 750 | accumulated depreciation, equipment | 15750 |
| salaries expense | 41250 | marketable securities | 1000 |
| land | 50000 | bank loan (long term) | 10000 |
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
