I need some assistance with creating income statement, statement of equity and a balance sheet. The following
Question:
I need some assistance with creating income statement, statement of equity and a balance sheet.
The following is a trial balance from Suzies Sparkle Bead Shop at April 30, 2011
Suzies Sparkle Bead Shop
Trial Balance
For the Year Ended April 30, 2011
Account
Dr.
Cr.
Cash
15,000
Accounts Rec.
12,000
Inventory
20,000
Prepaid Rent
3,000
Furniture
10,000
Accumulated
Amortization-
Furniture
4,000
Accounts Payable
15,000
Salary Payable
5,000
Unearned Revenue
4,000
Suzies, Capital
11,000
Suzies,
Withdrawals
5.000
Revenue
115,000
REvenue Discounts
5,000
Revenue Returns and Allowances
2,000
Materials Expense
35,000
Salary Expense
26,000
Rent Expense
13,000
Utilities Expense
8,000
154,000
154,000
Required: Income Statement, Statement of Equity and a Balance Sheet, all in good form.
A) Income Statement in good form as demonstrated in the lesson content and in the text:11 marks
B) Statement of Equity in good form as demonstrated in the lesson content and in the text:5 marks
C) Balance Sheet in good form as demonstrated in the lesson content and in the text:13 marks
Questions 2
Jenny Jackson Event Planning Co. had the following transactions relate to the month May business:
May 1To begin the business Jenny invested$20,000 cash and $5,000 of furniture.
May 2Jenny paid $4,000 rent for 6 month in advance.
May 5Purchased $2,000 furniture on account.
May 6Bought supplies of $150 paying cash.
May 9Collected $3,000 fora wedding reception party .
May 12 Jenny paid his $100 home utility bill using a company cheque.
May 20 Billed John Smith $6,000 for office party event completed.
May 23 Received a bill for advertising in the local paper, $300.Will pay in June.
May 26 Paid Salaries, $1,000 to employees.
May 30 Paid $1,000 of the amount owed for the furniture.
May 31Paid telephone bill of company, $50.
A)Prepare the journal entries to record these transactions.
Date
Account Title
Debit
Credit
May 1
May 2
May 5
May 6
May 9
May 12
May 20
May 23
May 26
May 30
May 31
B)Post the Journal Entries to T accounts s
Cash
Accounts Receivable
Supplies
Prepaid Rent
Furniture
Accounts Payable
Withdrawals
Capital
Fees Earned
SalaryExpense
Telephone Expense
Advertising Expense
C)
Trial Balance
Jenny Jacksons Event Planning Co.
Trial Balance
May 31, 2011
Account Title
Debit
Credit
Cash
Accounts Receivable
Prepaid Rent
Supplies
Furniture
Accounts Payable
Jenny Jackson Capital
Jenny Jackson,
Withdrawals
Sales Revenue
Salary Expense
Rent Expense
Advertising Expense
Telephone Expense
Total:
Expert Answer:
