Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare Financial Statements from the given Trial Balance. begin{tabular}{|l|r|r|} hline multicolumn{2}{|c|}{ TRIAL BALANCE } hline multicolumn{1}{|c|}{ Accounts } & multicolumn{1}{|c|}{ Debit } & Credit
Prepare Financial Statements from the given Trial Balance. \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ TRIAL BALANCE } \\ \hline \multicolumn{1}{|c|}{ Accounts } & \multicolumn{1}{|c|}{ Debit } & Credit \\ \hline Cash & 6,000 & \\ \hline Accounts Receivable & 24,000 & \\ \hline Prepaid Insurance & 8,800 & \\ \hline Equipment & 55,000 & \\ \hline Building & 180,000 & \\ \hline Accumulated Depreciation: Building & & \\ \hline Land & 59,050 & 60,000 \\ \hline Accounts Payable & & \\ \hline Interest Payable & & 16,500 \\ \hline Rent Payable & & 2,200 \\ \hline Long Term Loan & & 3,400 \\ \hline Common Stock & & 62,500 \\ \hline Retained Earnings & & 14,500 \\ \hline Dividends & & 123,100 \\ \hline Professional Fees & & \\ \hline Rent Earned & & \\ \hline Dividends Earned & & \\ \hline Interest Earned & & \\ \hline Supplies & & \\ \hline Wages Expense & & \\ \hline Utilities Expense & & \\ \hline Depreciation Expense: Building & & \\ \hline Depreciation Expense: Equipment & & \\ \hline Interest Expense & & \\ \hline Insurance Expense & & \\ \hline Rent Expense & & \\ \hline Supplies Expense & & \\ \hline & & \\ \hline Total: & & \\ \hline & & \\ \hline \end{tabular}
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