Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a trial balance and financial statements. The accounts in the ledger of Bastin Delivery Service contain the following balances on July 31, 2017. Accounts

Prepare a trial balance and financial statements.

The accounts in the ledger of Bastin Delivery Service contain the following balances on July 31, 2017.

Accounts Receivable $13,400

Accounts Payable 8,400

Cash ?

Equipment 80,000

Maintenance and Repairs Expense 1,958 Insurance Expense 900

Accumulated Depreciation 20,640

Notes Payable (due 2020) 28,450

Prepaid Insurance 2,200

Service Revenue 15,500

Dividends 700

Common Stock 40,000

Salaries and Wages Expense 7,428

Salaries and Wages Payable 820

Retained Earnings (July 1, 2017) 5,200 Instructions:

1. Prepare a trial balance with the accounts arranged in financial statement order (assets, liabilities, equity, revenue, expense) and fill in the missing amount for Cash.

2. Prepare an income statement, a retained earnings statement, and a classified balance sheet for the month of July 2017.

Must be Prepared in Excel Worksheet.

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

Apple Marketing Audit And New Service Product Plan

Authors: Sherry King

1st Edition

3656610797, 978-3656610793

More Books

Students also viewed these Accounting questions