Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 Trial Balance $ 34,000 14,000 16,000 8,540 84,000 $ 14,000 9, 100 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accum. Depreciation office equip. Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable J. Logan, Capital J. Logan, Withdrawals Consulting fees earned Depreciation expense-Office equip. Salaries expense Interest expense Insurance expense Rent expense Office supplies expense Advertising expense Totals 18,000 52,000 40,000 Adjusted Trial Balance $ 34,000 22,000 2,000 2,960 84,000 $ 20,000 10,000 1,000 7,000 15,000 52,000 40,000 5,000 134,240 6,000 74,000 2,200 5,580 14,500 14,000 13,000 $ 279,240 $ 279,240 5,000 123,240 67,000 1,200 0 14,500 12,100 $ 256,340 $256,340 2(a-1) Prepare JKL Company's income statement for the year ended July 31. 2(a-2) Prepare JKL Company's statement of owner's equity for the year ended July 31. Note: J. Logan, Capital at July 31 of the prior year was $40,000, and the current-year withdrawals were $5,000. 2(b) Prepare JKL Company's the balance sheet as of July 31
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