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I NEED HELP TO SOLVE ONE PROBLEM Use the adjusted trail balance to prepare an income statement, a statement of changes in equity and a
I NEED HELP TO SOLVE ONE PROBLEM
Use the adjusted trail balance to prepare an income statement, a statement of changes in equity and a balance sheet. Assume that the owner, Jeff Moore, made no owner investments during the year.
Solution: 3-10A Adjusted trail balance Account Titles Debit Credit Cash $26,000 Account receivable $61,000 Interest receivable $85 Notes receivable $50,000 Supplies $620 Prepaid insurance $400 Prepaid rent $9,000 Office furniture $84,000 Depreciation accumulated $70,000 Account payable $18,000 Wages payable $6,800 Unearned consultancy revenue $42,200 Capital $2,23,000 Withdraw $28,000 Consultancy revenue $2,20,020 Interest income $565 Depreciation $42,000 Wages $1,92,000 Insurance expenses $0 Rent expenses $62,000 Supplies expenses $11,480 Advance consultancy revenue $14,000 Total $5,80,585 $5,80,585Step by Step Solution
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