Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

STATEMENT OF OWNERS EQUITY From the partial work sheet below, prepare a statement of owners equity, assuming no additional investment was made by the owner.

STATEMENT OF OWNERS EQUITY From the partial work sheet below, prepare a statement of owners equity, assuming no additional investment was made by the owner. (Capital 1/31: $5,190)

Work Sheet (Partial)

For Month Ended January 31, 20 - -

ACCOUNT TITLE

INCOME STATEMENT

BALANCE SHEET

DEBIT

CREDIT

DEBIT

CREDIT

1

Cash

1

2

1

2

00

1

2

Accounts Receivable

8

9

6

00

2

3

Supplies

4

8

2

00

3

4

Prepaid Insurance

9

0

0

00

4

5

Office Equipment

3

0

0

0

00

5

6

Accum. Depr.Office Equipment

1

0

0

00

6

7

Accounts Payable

1

0

0

0

00

7

8

Wages Payable

2

0

0

00

8

9

Bill Case, Capital

4

0

0

0

00

9

10

Bill Case, Drawing

8

0

0

00

10

11

Advising Fees

3

7

9

3

00

11

12

Wages Expense

8

0

0

00

12

13

Advertising Expense

8

0

00

13

14

Rent Expense

5

0

0

00

14

15

Supplies Expense

1

2

0

00

15

16

Telephone Expense

5

8

00

16

17

Electricity Expense

4

4

00

17

18

Insurance Expense

3

0

00

18

19

Gas and Oil Expense

3

8

00

19

20

Depr. ExpenseOffice Equipment

1

0

0

00

20

21

Miscellaneous Expense

3

3

00

21

22

1

8

0

3

00

3

7

9

3

00

7

2

9

0

00

5

3

0

0

00

22

23

Net Income

1

9

9

0

00

1

9

9

0

00

23

24

3

7

9

3

00

7

2

9

0

00

7

2

9

0

00

7

2

9

0

00

24

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases

Authors: Frank A. Buckless, Mark. S. Beasley, Steven M. Glover, Douglas F. Prawitt

1st Edition

978-0130800015

More Books

Students also viewed these Accounting questions