Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. Credit COOKIE CREATIONS Adjusted Trial Balance December 31, 2019 Debit Cash $990 Accounts Receivable 735 Supplies 290 Prepaid Insurance 1,020 Equipment 1,000 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Interest Payable Unearned Service Revenue Notes Payable Owner's Capital Owner's Drawings 420 Service Revenue Salaries and Wages Expense 845 Utilities Expense 105 Advertising Expense 140 Supplies Expense 860 Depreciation Expense 30 Insurance Expense 90 Interest Expense $6,540 $30 65 47 15 250 1,700 670 3,763 15 $6,540 Using the information in the adjusted trial balance, do the following. (a 1) Prepare an income statement for the 2 months ended December 31, 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) COOKIE CREATIONS Income Statement $ $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (a2) Prepare an owner's equity statement for the 2 months ended December 31, 2019. (List items that increase owner's equity first.) COOKIE CREATIONS Owner's Equity Statement $ $ Liabilities and Owner's Equity $ $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Finance

Authors: Prof Stephen Sunday Sharang Ph.D.

1st Edition

979-8639273353

More Books

Students also viewed these Accounting questions

Question

Does sex sell? Explain.

Answered: 1 week ago

Question

Describe when a bank must honor a check.

Answered: 1 week ago

Question

Define the goals of persuasive speaking

Answered: 1 week ago