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Consider the following worksheet for J. Tull, as of October 31 comma 201 X.October 31, 201X. LOADING... (Click the icon to view the worksheet.) From

Consider the following worksheet for

J. Tull,

as of October 31 comma 201 X.October 31, 201X.

LOADING...

(Click the icon to view the worksheet.)

From the completed worksheet, prepare

a.

an income statement for

October.

b.

a statement of owner's equity for

October

c.

a balance sheet as of

October

31,

201 Upper X201X.

a. Prepare an income statement for

October

Begin by preparing the heading and then complete the rest of the statement.

J. Tull

Income Statement

For the Month Ended October 31, 201X

Revenue:

Revenue from Clients

$46

Operating Expense:

Rent Expense

$10

Wage Expense

14

Store Supplies Expense

2

Insurance Expense

1

Depreciation Expense, Store Equipment

4

Total Operating Expenses

31

Net income

$15

b. Prepare a statement of owner's equity for

October

Start with the heading and then complete the rest of the statement. (There were no new investments from the owner during the accounting period.)

J. Tull

Statement of Owner's Equity

For the Month Ended October 31, 201X

J. Tull, Capital, October 1, 201X

$5

Net Income for October

15

Less:

Withdrawals for October

(1)

Increase

in Capital

14

J. Tull, Capital, October 31, 201X

$19

c. Prepare the balance sheet. Start with the heading, then complete the asset portion of the statement, and lastly, complete the liabilities and owner's equity sections of the statement. (For the asset portion of the statement, select the

long-term

asset account(s) last.)

J. Tull

Balance Sheet

October 31, 201X

Assets

Cash

$13

Accounts Receivable

5

Prepaid Insurance

9

Store Supplies

7

Store Equipment

$11

Less:

Accumulated Depreciation, Store Equipment

Total assets

J. Tull

Worksheet

Month Ended October 31, 201X

Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Titles

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

13

13

13

Accounts Receivable

5

5

5

Prepaid Insurance

10

1

9

9

Store Supplies

9

2

7

7

Store Equipment

11

11

11

Accumulated Depreciation, Store Equipment

1

4

5

5

Accounts Payable

13

13

13

J. Tull, Capital

5

5

5

J. Tull, Withdrawals

1

1

1

Revenue from Clients

46

46

46

Rent Expense

10

10

10

Wage Expense

6

8

14

14

Totals

65

65

Depreciation Expense, Store Equipment

4

4

4

Insurance Expense

1

1

1

Store Supplies Expense

2

2

2

Wages Payable

8

8

8

Totals

15

15

77

77

31

46

46

31

Net Income

15

15

Totals

46

46

46

46

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