On May 1 last year, Juan Thornhill decided to turn his small business bookkeeping experience and start a training company for those looking to get office work, Thornhill Office Training. On April 30 this year, the company’s general ledger showed the following balances. Use this information to prepare financial statement for the business.
Accounts payable 9,900 Computer equipment 19,700
Accounts receivable 47,000 Prepaid rent 4,500
Rent expense 16,500
Juan Thornhill, capital July 31, 2016*, opening balance 79,800 Bookkeeper training revenue 3,500
Juan Thornhill, withdrawals 48,500 Payroll training revenue 138,500
Cash 6,100 Supplies 2,900
Furniture 13,700 Supplies expense 16,400
Interest expense 2,600 Utilities expense 10,300
Notes payable 25,000 Wages expense 68,500