March 31, 2021 Debit Credit Cash $7,900 Interest receivable 750 Supplies 1,450 Long-term investments 32.000 Land 46.000 Building 195.000 Accumulated depreciation-building $30.000 Equipment 36.000 Accumulated depreciation-equipment 18,500 Accounts payable 6,000 Interest payable 960 Unearned revenue 2.020 Notes payable ($6.000 must be paid in February, 2022) 67,000 R. Falkner, capital 173.020 R. Falkner, drawings 47,000 Service revenue 126.000 Interest revenue 1.600 Depreciation expense 9.950 Interest expense 4,050 Insurance expense 4,700 Salaries expense 29.500 Supplies expense 5,700 Utilities expense 5.100 $ $ $425,100 $425,100 BLOSSOM FISHING CENTRE Income Statement March 31, 2021 Investments R. Falkner, Capital, April 1, 2016 Profit/(Loss) Drawings Total Revenues Expenses Total Expenses Revenues R. Falkner, Capital, March 31, 2021 $ $ BLOSSOM FISHING CENTRE Income Statement March 31, 2021 $ Building Cash Depreciation Expense Debt Debt Investments Fou Equipment Insurance Expense Interest Interest Expense Interest Receivable Interest Revenue Interest Payable Land Note Notes Payable R.Falkner, Capital R.Falkner, Drawings Service Revenue Supplies Expense Salaries Expense Supplies Utilities Expense Unearned Revenue Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,400 cash in the business during the year. (Note: The investment has been recorded and it is included in the capital account.) (List items that increase owner's equity first.) BLOSSOM FISHING CENTRE Statement of Owner's Equity $ Total Expenses Total Revenues Expenses Investment Drawings Revenues R.Falkner, Capital, March 31, 2021 Profit/(Loss) R. Falkner, Capital, April 1, 2020 1 $ Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,400 cash in the business during the year. (Note: The investment has been recorded and it is included in the capital account.) (List items that increase owner's equity first.) BLOSSOM FISHING CENTRE Statement of Owner's Equity Year Ended March 31, 2021 Month Ended March 31, 2021 March 31, 2021 $ Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,400 cash in the business during the year. (Note: The investment has been recorded and it is included in the capital account.) (List items that increase owner's equity first.) BLOSSOM FISHING CENTRE Statement of Owner's Equity $ Total Expenses Total Revenues Expenses Investment Drawings Revenues R.Falkner, Capital, March 31, 2021 Profit/(Loss) R. Falkner, Capital, April 1, 2020 1 $ Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,400 cash in the business during the year. (Note: The investment has been recorded and it is included in the capital account.) (List items that increase owner's equity first.) BLOSSOM FISHING CENTRE Statement of Owner's Equity Year Ended March 31, 2021 Month Ended March 31, 2021 March 31, 2021 $ BLOSSOM FISHING CENTRE Balance Sheet V Assets o $ > Date Account Titles and Explanation Debit Credit Mar. 31 Service Revenue Accumulated Depreciation-Building Accumulated Depreciation-Equipment Accounts Payable .. Building Cash Depreciation Expense PE Debt Investments Mar. 31 Equipment Insurance Expense dance Interest Expense mas Interest Receivable Theres Interest Revenue Interest Payable There Income Summary com Land Notes Payable R. Falkner, Capital R. Falkner, Drawings Service Revenue (To close expense accounts) Mar. 31 (To close profit to capital) Mar. 31 (To close drawings account) Income Summary Bal Clos R. Falkner, Capital R. Falkner, Drawings > Service Revenue > > Interest Revenue Depreciation Expense Insurance Expense Insurance Expense Interest Expense Salaries Expense V > Supplies Expense
