Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Provided below is a partial work sheet for Ardery Advising. begin{tabular}{|c|c|c|c|c|} hline multicolumn{5}{|c|}{begin{tabular}{c} Ardery Advising Work Sheet (Partial) For Month Ended January 31,
Provided below is a partial work sheet for Ardery Advising. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{\begin{tabular}{c} Ardery Advising \\ Work Sheet (Partial) \\ For Month Ended January 31, 20 -- \end{tabular}} \\ \hline & \multicolumn{2}{|c|}{ Income Statement } & \multicolumn{2}{|c|}{ Balance Sheet } \\ \hline ACCOUNT TITLE & DEBIT & CREDIT & DEBIT & CREDIT \\ \hline Cash & & & 2,412.00 & \\ \hline Accounts Receivable & & & 896.00 & \\ \hline Supplies & & & 482.00 & \\ \hline Prepaid Insurance & & & 900.00 & \\ \hline Office Equipment & & & 3,000.00 & \\ \hline Accum. Depr.-Office Equipment & & & & 2,000.00 \\ \hline Accounts Payable & & & & 2,190.00 \\ \hline Wages Payable & & & & 1,200.00 \\ \hline Notes Payable & & & & 3,000.00 \\ \hline Sam Ardery, Capital & & & & 2,200.00 \\ \hline Sam Ardery, Drawing & & & 800.00 & \\ \hline Advising Fees & & 3,802.00 & & \\ \hline Wages Expense & 1,800.00 & & & \\ \hline Advertising Expense & 400.00 & & & \\ \hline Rent Expense & 1,500.00 & & & \\ \hline Supplies Expense & 120.00 & & & \\ \hline Phone Expense & 300.00 & & & \\ \hline \end{tabular} During January, Ardery made an additional investment of $1,200. Required: 1. Prepare an income statement for Ardery Advising. Prepare a statement of owner's equity for Ardery Advising. Use a minus sign for any negative am 3. Prepare a balance sheet for Ardery Advising
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