Question
Skysong, Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. Information from the unadjusted and adjusted tabular summary on September 30, 2022
Skysong, Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. Information from the unadjusted and adjusted tabular summary on September 30, 2022 is shown as follows. The $14,504 in the revenue column includes Service Revenue: $13,818 and Rent Revenue: $686. The $9,963 in the expense column includes Salaries and Wages $8,624, Rent $882, and Utilities $457.
| Assets | = | Liabilities | + | Stockholders Equity | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | + | Accts. Rec. | + | Supplies | + | Prepd. Rent | + | Equip. | - | Acc. Depr.- Equip. | Notes Pay. | + | Accts. Pay. | + | Sal./Wages Pay. | + | Int. Pay | + | Unearn. Rent. Rev. | Com. Stock | + | Retained Earnings | |||||||||
| = | + | Rev. | - | Exp. | - | Div | |||||||||||||||||||||||||
| Bal. | 6,566 | + | 392 | + | 1,176 | + | 1,764 | + | 14,700 | - | 0 | = | 4,900 | + | 1,045 | + | 0 | + | 0 | + | 980 | + | 13,720 | + | 14,504 | - | 9,963 | - | 588 | ||
| Adj. 1. | |||||||||||||||||||||||||||||||
| Adj. 2. | |||||||||||||||||||||||||||||||
| Adj. 3. | |||||||||||||||||||||||||||||||
| Adj. 4. | |||||||||||||||||||||||||||||||
| Adj. 5. | |||||||||||||||||||||||||||||||
| Adj. 6. | |||||||||||||||||||||||||||||||
| Adj. 7 | |||||||||||||||||||||||||||||||
| Adj. Bal. | 6,566 | + | 980 | + | 180 | + | 882 | + | 14,700 | - | 343 | = | 4,900 | + | 1,045 | + | 588 | + | 49 | + | 784 | + | 13,720 | + | 15,288 | - | 12,821 | - | 588 | ||
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