Question
Potter Enterprises Adjusted Trial Balance December 31, 2013 Cash.............................................................................. $35,000 Accounts receivable .................................................... 2,250 Office supplies ............................................................. 700 Prepaid insurance ........................................................ 600 Office equipment.......................................................... 30,000
Potter Enterprises Adjusted Trial Balance December 31, 2013
Cash.............................................................................. $35,000
Accounts receivable .................................................... 2,250
Office supplies ............................................................. 700
Prepaid insurance ........................................................ 600
Office equipment.......................................................... 30,000
Accumulated depreciation- Office equipment............ $ 7,000
Accounts payable ........................................................ 2,350
Salaries payable ........................................................... 900
H. Potter, Capital .......................................................... 60,000
H. Potter, Withdrawals ................................................. 25,000
Commissions earned................................................... 71,420
Depreciation expense - Office equipment .................. 7,000
Salaries expense.......................................................... 23,620
Insurance expense....................................................... 1,800
Rent expense................................................................ 4,800
Office supplies expense .............................................. 1,500
Utilities expense........................................................... 6,600
Telephone expense...................................................... 2,800
Totals.................................................................... $141,670 $141,670
Potter Enterprises began business on January 1, 2013. Using the above adjusted Trial Balance, create an Income Statement, Statement of Owners Equity and a Balance Sheet for the fiscal year ending December 31, 2013, in an Excel spreadsheet.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started