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Previous Page Next Page Page 10 of 10 Question 10 (10 points) The following adjusted trial balance for ABC Company was prepared at the end

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Previous Page Next Page Page 10 of 10 Question 10 (10 points) The following adjusted trial balance for ABC Company was prepared at the end of the year, December 31, 2019. The company uses a perpetual inventory system. Required: Prepare a multiple-step Income Statement Debit Credit Cash $11,500 Accounts receivable 9,560 Merchandise inventory 33,890 Prepaid rent 4,600 Equipment 117,000 Accumulated depreciation - equipment $31,500 Accounts payable 8,850 Salaries payable 5,600 J. Jones capital 126,650 J. Jones, drawings 38 250 Sales 200,500 Sales returns 4.250 LLLLLL 126,650 38,250 200,500 J. Jones, capital J. Jones, drawings Sales Sales returns and allowances Sales discounts Advertising expense Cost of goods sold Depreciation expense Rent expense Salaries expense 4,250 2,400 6,200 97,990 6,500 18,400 22,560 $373,100 $373,100 D P - Paragraph BTU NOTE: Marks will be deducted for inclusion of accounts that do not belong on this statement (1 mark for each wrong account) Question 10 (10 points) The following adjusted trial balance for ABC Company was prepared at the end of the year, December 31, 2019. The company uses a perpetual inventory system. Required: Prepare a multiple-step Income Statement. Debit Credit Cash $11,500 Accounts receivable 9,560 Merchandise inventory 33,890 Prepaid rent 4,600 Equipment 117,000 Accumulated depreciation - equipment $31,500 Accounts payable 8,850 Salaries payable 5.600 J. Jones, capital 126,650 J. Jones, drawings 38,250 Sales 200,500 Sales returns and allowances 4,250 Sales discounts 2,400 Advertising expense 6,200 Cost of goods sold 97 990 Sales discounts Advertising expense Cost of goods sold Depreciation expense Rent expense Salaries expense 2,400 6,200 97,990 6,500 18,400 22,560 $373,100 $373 100 D o o - Paragraph B / U - NUIENAIRS WII ve uuuucleu 101 ILIUSTON UI accounts liat UU TUL DETONY UHLIIS State (1 mark for each wrong account). ABC Company Income Statement ABC Company Income Statement For the Year Ended December 31, 2019 905 AM

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