Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Daniel Hair Stylists's adjusted trial balance and statement of owner's equity follow. (Click on the icon to view the adjusted trial balance.) (Click on the

image text in transcribedimage text in transcribedimage text in transcribed

Daniel Hair Stylists's adjusted trial balance and statement of owner's equity follow. (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the statement of owner's equity.) Prepare Daniel's unclassifed balance sheet at December 31, 2024. Use the account form. Daniel Hair Stylists Adjusted Trial Balance December 31, 2024 \begin{tabular}{|c|c|c|c|} \hline \multirow{3}{*}{\begin{tabular}{l} Account Title \\ Cash \end{tabular}} & \multicolumn{3}{|c|}{ Balance } \\ \hline & \multicolumn{2}{|c|}{ Debit } & \multirow[t]{2}{*}{ Credit } \\ \hline & $ & 1,100 & \\ \hline Accounts Receivable & & 2,000 & \\ \hline Office Supplies & & 900 & \\ \hline Equipment & & 20,100 & \\ \hline Accumulated Depreciation-Equipment & & $ & 2,000 \\ \hline Accounts Payable & & & 500 \\ \hline Interest Payable & & & 1,000 \\ \hline Notes Payable & & & 3,900 \\ \hline Daniel, Capital & & & 11,600 \\ \hline Daniel, Withdrawals & & 700 & \\ \hline Service Revenue & & & 15,900 \\ \hline Rent Expense & & 4,900 & \\ \hline Supplies Expense & & 300 & \\ \hline Depreciation Expense-Equipment & & 2,000 & \\ \hline Interest Expense & & 2,900 & \\ \hline Total & $ & 34,900$ & 34,900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} Daniel Hair Stylists \\ Statement of Owner's Equity \\ Year Ended December 31, 2024 \end{tabular} & & \\ \hline Daniel, Capital, January 1, 2024 & $ & 11,600 \\ \hline Net income for the year & & 5,800 \\ \hline Owner withdrawal & $ & \begin{tabular}{r} 17,400 \\ (700) \\ \end{tabular} \\ \hline Daniel, Capital, December 31, 2024 & $ & 16,700 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Kermit D. Larson, Paul B. W. Miller

5th Edition

0256091935, 978-0256091939

More Books

Students also viewed these Accounting questions

Question

What is the measure of reliability of a confidence interval?

Answered: 1 week ago