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I tried to do the question but got wrong answers! First, calculate the ending balance in the Capital account. Begin by determining the formula, and
I tried to do the question but got wrong answers!
First, calculate the ending balance in the Capital account. Begin by determining the formula, and then enter the amounts and calculate the balance. Consider whether there is a net income or loss. (Indicate a loss with a minus sign Beginning Capital balance Net income/loss Withdrawals Ending Capital balance 158100 29600 23000 164700 Adjusted Trial Balance + Now, we can prepare the balance sheet. Paddy's Music Lessons Balance Sheet Paddy's Music Lessons Adjusted Trial Balance February 28, 2020 February 28, 2020 Account Debit Assets Credit Current assets $ 35,000 Cash 35000 8.100 5,200 Supplies Prepaid rent 8100 5200 172,000 48300 Total current assets 42.000 Cash Supplies Prepaid rent Instruments Accumulated amortization-instruments Accounts payable Salaries payable Unearned service revenue P. Knoll, capital P. Knoll, withdrawals 45.000 Property, plant, and equipment Instruments Less: Accumulated amortization-instruments 172000 4.800 42000 130000 23,000 158,100 178300 Total assets 23,000 Liabilities Service revenue 63.000 57,000 Current liabilities Accounts payable Salaries payable 45000 4800 Salaries expense Rent expense Amortization expense-instruments Supplies expense 25,000 2,600 Unearned service revenue 23000 3,600 Total liabilities 72800 Utilities expense 4.400 Owner's Equity $ 335.900 $ Total 335,900 P. Knoll, Capital 158100 230900 Total liabilities and owner's equity Print Done Choose from any list or enter any number in the input fields and then continue to the nextStep by Step Solution
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