Kohl's Home Repair

Trial Balance

May $31,20--$

Account Debit

Balance Credit

Balance

Cash $23,570$

Accounts Receivable $2,700$

Office Supplies $200$

Prepaid Insurance $1,100$

Equipment $8,000$

Van $8,000$

Accounts Payable $4,500$

Wilhelm Kohl, Capital $30,000$

Wilhelm Kohl, Drawing $2,000$

Service Fees $13,000$

Rent Expense $900$

Wages Expense $700$

Phone Expense $200$

Gas and Oil Expense $130$

Totals $47,50047,500$

Required:

Determine the following information. Use the format provided below.

$1.$ a$.$ Total revenue for the month $fill in the blank $1$

$13,000$

b$.$ Total expenses for the month $fill in the blank $2$

$1,930$

c$.$ Net income for the month $fill in the blank $3$

$11,070$

$2.$ a$.$ Wilhelm Kohl's original investment in the business $fill in the blank $4$

$30,000$

$+$ Net income for the month $fill in the blank $5$

$11,070$

$-$ Owner's drawing fill in the blank $6$

$2,000$

Increase $($decrease$)$ in capital fill in the blank $7$

$9,070$

$=$assests liabilites$+$ Owner equity