Required information (The following information applies to the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date, Unadjusted Adjusted Trial Balance Trial Balance Cash $ 105,080 $ 105,080 Accounts receivable 12,000 19,500 Office supplies 17,800 7,000 Prepaid insurance 6,340 3,360 office equipment 86,000 86.000 Accum. Depreciation-office equip. $ 24,000 $ 30,000 Accounts payable 10,100 24,000 Interest payable 2,000 Salaries payable 17,000 Unearned consulting fees 28,000 15,000 Long-term notes payable 52,000 52,000 J. Logan, Capital 52,000 52,000 J. Logan, Withdrawals 9,000 9,000 Consulting fees earned 166,000 186,500 Depreciation expense-office equip. 6,000 Salaries expense 67.700 84,700 Interest expense 1,240 3,240 Insurance expense 2,980 Rent expense 14,820 14,820 office supplies expenso 10,800 Advertising expense 12,120 26,020 Totals $ 332, 100 $232, 100 $2378,500 5378,500 0 0 0 0 0 Account Adjustments $ Unadjusted Trial Balance $ 105,080 12,000 17,800 6,340 86,000 $ 24,000 10,100 0 + Adjusted Trial Balance $ 105,080 19,500 7,000 3,360 86,000 $ 30,000 24,000 2,000 17,000 15,000 52,000 52,000 9,000 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accumulated depreciation - Office equipment Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable J. Logan, Capital J. Logan, Withdrawals Consulting fees earned Consulting fees earned (Unearned fees adjusted) Depreciation expense-Office equipment Salaries expense Interest expense Insurance expense Rent expense Office supplies expense Advertising expense Totals 0 28,000 52,000 52,000 9,000 166,000 186,500 0 67,700 1,240 0 6,000 84,700 3,240 2.980 14,820 10,800 26.020 378,500 14,820 0 12,120 332,100 $ $ 332,100 $ $ 0 $ $ 378,500 Prepare JKL Company's income statement for the year ended July 31. JKL COMPANY Income Statement For Year Ended July 31 Revenues Consulting fees earned $ 0 Expenses Depreciation expense-Office equipment Salaries expense Interest expense Rent expense Office supplies expense Advertising expense o Net income Prepare JKL Company's statement of owner's equity for the year ended July 31. Note: 1. Logan, Capital at July 31 of the prior year was $52,000, and the current-year withdrawals were $9,000. JKL COMPANY Statement of Owner's Equity For Year Ended July 31 J. Logan, Capital, July 31 prior year end Add: Net income 0 Less: Owner withdrawals J. Logan, Capital, July 31 current year end $ 0 JKL COMPANY Balance Sheet July 31 Assets 0 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accumulated depreciation Office equipment Total assets Liabilities Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable $ 0 Total liabilities 0 Equity J. Logan, Capital Total liabilities and equity $ 0
