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Kelani Brookstone, an accountant, owns her own business named KB Accounting Services. The following are her assets and liabilities on June 30th, 2020. A/P
Kelani Brookstone, an accountant, owns her own business named KB Accounting Services. The following are her assets and liabilities on June 30th, 2020. A/P - A. Borg & Son $ 1,000 Equipment 12,000 A/P - Familiar Finance 3,000 Bank 4,000 Loan Payable D. Terry (aunt) 6,800 A/R - R. Fawcett 300 Bank Loan 11,500 Automobile 30,000 A/P - Proctor's Ltd. 700 Supplies 800 A/R - O. Reingold A/R - R. Steffan 2,500 700 Prepare a properly formatted balance sheet for KB Accounting Services as of June 30, 2020 on the tab labelled 'Classified Balance Sheet with the numbers above. Set up Kelani Brookstones's financial position in T-accounts on the tab labelled 'ledger.' Check that you set up your financial position correctly by doing a verification check. Hint: A = L-OE
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