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From the following information prepare the Income Statement and the Balance Sheet Trial Balance JL Traders Inc. Trial Balance Drawings as at December 3 1
From the following information prepare the Income Statement and the Balance Sheet
Trial Balance
JL Traders Inc.
Trial Balance
Drawings as at December
Debit$
Credit $
DebtorsAccounts Receivable
Drawings
Insurance Expen se
General Expenses
Salaries
Patents
Machinery
Leasehold Land
Building
Beginning Inventory
Transportation on Purchases
Transportation on Sales
Fuel and Power
Wages
Return Inward
Cash at Bank
Cash in Hand
Purchases
CreditorsAccounts Payable
Beginning Capital
Purchase Return
Sales
Commission
Note: Ending Inventory $
Additional information:
A Transportation on Sales is an operating Expense
B Transportation on Purchases is to be included as an addition to Purchases
C Patents is a Noncurrent Asset
D Purchase Returns is a deduction from Purchases
E Sales Returns is a deduction from SalestableTrial BalancetableJL Traders Inc.Trial BalanceDrawings as at December Debit $Credit $DebtorsAccounts Receivable,,DrawingsInsurance Expense,,General Expenses,,SalariesPatentsMachineryLeasehold Land,,BuildingBeginning Inventory,,Transportation on Purchases,,Transportation on Sales,,Fuel and Power,,WagesReturn Inward,,Cash at Bank,,Cash in Hand,,PurchasesCreditorsAccounts Payable,,Beginning Capital,,Purchase Return,,,SalesCommissionNote: Ending Inventory $
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