Question
Feather Light Travelling Trains has completed all of its journal entries and adjusting entries for the month of December 2019. The adjusted trial balance is
Feather Light Travelling Trains has completed all of its journal entries and adjusting entries for the month of December 2019. The adjusted trial balance is shown below. Note: during the month of December, the owner of Feather Light Travelling Trains invested $7,800 into the business. Feather Light Travelling Trains Adjusted Trial Balance December 31, 2019 Account Titles DR CR Cash $ 8,240 Accounts Receivable $ 7,650 Prepaid Insurance $ 1,990 Equipment $ 64,330 Accumulated Depreciation-Equipment $ 1,810 Accounts Payable $ 9,420 Interest Payable $ 100 Unearned Revenue $ 5,170 Bank Loan $ 15,560 Murray, Capital $ 49,340 Murray, Withdrawals $ 1,720 Service Revenue $ 5,460 Advertising Expense $ 330 Depreciation Expense $ 290 Insurance Expense $ 270 Interest Expense $ 500 Rent Expense $ 1,540 Total $ 86,860 $ 86,860 Required Prepare the income statement, statement of owner's equity, and balance sheet. Do not enter dollar signs, negative signs, or commas in the input boxes. Feather Light Travelling Trains Income Statement For the Month Ended December 31, 2019 Revenue Service Revenue Answer Expenses Advertising Expense Answer Depreciation Expense Answer Insurance Expense Answer Interest Expense Answer Rent Expense Answer Total Expenses Answer Net Income (Loss) Answer Feather Light Travelling Trains Statement of Owner's Equity For the Month Ended December 31, 2019 Murray, Capital at December 1, 2019 Answer Add: Net Income (Loss) Answer Investments Answer Total Additions Answer Subtotal Answer Less: Murray, Withdrawals Answer Murray, Capital at December 31, 2019 Answer Feather Light Travelling Trains Balance Sheet As at December 31, 2019 Assets Cash Answer Accounts Receivable Answer Prepaid Insurance Answer Equipment Answer Less: Accumulated Depreciation-Equipment Answer Net Equipment Answer Total Assets Answer Liabilities Accounts Payable Answer Interest Payable Answer Unearned Revenue Answer Bank Loan Answer Total Liabilities Answer Owner's Equity Murray, Capital Answer Total Liabilities and Owner's Equity Answer
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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