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i dun why my balance sheet is not balance? is there any error Salaries expense Equipment (Paint) Long term loan Accounts receivable Telephone expense Furniture
i dun why my balance sheet is not balance?
is there any error
Salaries expense Equipment (Paint) Long term loan Accounts receivable Telephone expense Furniture Cash at bank Ms Draw, Capital Advertising expense Accounts payable Paint lessons revenue Computer Paint supplies on hand Accountant fees expense Ms Draw, drawings Paint supplies used $'000 324 300 372 176 156 456 52 800 82 78 1034 290 86 42 166 154 Required: a Prepare an income statement for Paint Academy for the year ended 31 May 2021. b Prepare a balance sheet as at 31 May 2021. Use narrative or statement format. 6 marks 10 ANSWER 4 - Record YOUR ANSWER (below) 4b) Paint Academy Income Statement For the year ended 31 May 2021 INCOME Paint lessons revenue(sale) ($ 000) ($'000) 1034 Paint Academy Balance Sheet For the year ended 31 May 2021 CURRENT ASSETS Cash at Bank Supplies Computer Accounts receivable Furniture Equipment TOTAL ASSETS $'000 52 86 145 176 456 3001 1215 EXPENSES Accountant fees expense Advertising expense Supplies used Salaries expense Telephone expense 42 82 154 324 156 758 800 -166 PROFIT 276 EQUITY AND LIABILTIES Capital Drawing Profit Long term loan Account payable 276 372 78 TOTAL EQUITY 1360Step by Step Solution
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