Question Content Area

Statement of Owner's Equity

1. From the partial work sheet, prepare a statement of owner's equity, assuming no additional investment was made by the owner.

Major Advising Work Sheet (Partial) For Month Ended January 31, 20 --
	Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit
Cash			1,333
Accounts Receivable			931
Supplies			336
Prepaid Insurance			820
Office Equipment			3,440
Accum. Depr.Office Equipment				184
Accounts Payable				1,018
Wages Payable				281
Ed Major, Capital				4,149
Ed Major, Drawing			943
Advising Fees		4,135
Wages Expense	701
Advertising Expense	81
Rent Expense	547
Supplies Expense	159
Phone Expense	66
Electricity Expense	49
Insurance Expense	97
Gas and Oil Expense	58
Depr. ExpenseOffice Equipment	184
Miscellaneous Expense	22
	1,964	4,135	7,803	5,632
Net Income	2,171			2,171
	4,135	4,135	7,803	7,803

1. From the partial work sheet, prepare a statement of owner's equity, assuming no additional investment was made by the owner.

Major Advising Statement of Owner's Equity For Month Ended January 31, 20--

Ed Major, capital, January 1, 20--		$fill in the blank 3e0744fc4fe8fd9_1
CashEd Major, capital, January 1, 20---Increase in capitalInvestments for JanuaryNet income for January	$- Select -
CashEd Major, capital, January 1, 20--Ed Major, capital, January 31, 20--Less increase in capitalLess withdrawals for January	- Select -
Decrease in capitalIncrease in capital		- Select -
Ed Major, capital, January 31, 20--		$fill in the blank 3e0744fc4fe8fd9_8

Balance Sheet

1. From the partial work sheet, prepare a balance sheet.

Major Advising Work Sheet (Partial) For Month Ended January 31, 20 --
	Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit
Cash			1,331
Accounts Receivable			931
Supplies			333
Prepaid Insurance			856
Office Equipment			3,550
Accum. Depr.Office Equipment				196
Accounts Payable				1,017
Wages Payable				297
Ed Major, Capital				4,144
Ed Major, Drawing			950
Advising Fees		4,166
Wages Expense	652
Advertising Expense	87
Rent Expense	509
Supplies Expense	145
Phone Expense	59
Electricity Expense	46
Insurance Expense	100
Gas and Oil Expense	53
Depr. ExpenseOffice Equipment	196
Miscellaneous Expense	22
	1,869	4,166	7,951	5,654
Net Income	2,297			2,297
	4,166	4,166	7,951	7,951

1. From the partial work sheet, prepare a balance sheet.

Major Advising Balance Sheet January 31, 20--

Assets
Current assets:
Accounts payableCashEd Major, CapitalRent expenseTelephone expenseWages payable	$- Select -
Accounts payableAccounts receivableAdvising feesEd Major, CapitalEd Major, DrawingSupplies expense	- Select -
Accounts payableEd Major, CapitalGas and oil expenseInsurance expenseSuppliesWages payable	- Select -
Advertising expenseAdvising feesDepr. Expense- office equipmentEd Major, DrawingPrepaid insuranceWages payable	- Select -
Total current assets		$fill in the blank fd04ffffa040f91_9
Property, plant, and equipment:
Advising feesEd Major, DrawingElectricity expenseGas and oil expenseOffice equipmentWages payable	$- Select -
Less Accounts payableLess Accumulated depreciationLess Ed Major, CapitalLess Ed Major, DrawingLess Insurance expenseLess Wages payable	- Select -	- Select -
Total assets		$fill in the blank fd04ffffa040f91_15
Liabilities
Current liabilities:
Accounts payableAccounts receivableAccumulated depreciationCashEd Major, CapitalOffice equipment	$- Select -
Accumulated depreciationCashEd Major, DrawingPrepaid insuranceSuppliesWages payable	- Select -
Total current liabilities		$fill in the blank fd04ffffa040f91_20
Owner's Equity
Accounts payableAdvising feesEd Major, CapitalEd Major, DrawingOffice equipmentPrepaid insurance		- Select -
Total liabilities and owner's equity		$fill in the blank fd04ffffa040f91_23