Submission 4: 7. Prepare an income statement for the month (Financial Statements tab) 8. Prepare a statement of owner's equity. (Financial Statements tab) 9. Prepare a balance sheet using the report form. (Financial Statements tab) D Randall James' Consulting Services Worksheet For the Month ended January 31, 2021 Adjustments Debit Credit Income Statement Debit Credit Adj. Trial Balance Debit Credit 112.285.00 4,470.00 5,200.00 7,700.00 Balance Sheet Debit Credit 112,285.00 4,470.00 5,200.00 7,700.00 7,050.00 700.00 4,000.00 26,000.00 26,000.00 183.00 366.00 10,500.00 128,667.00 366.00 10,500.00 128,667.00 12.000.00 12,000.00 Trial Balance Account Name Debit Credit i Cash 112,285.00 2 Accounts Receivable 4.470.00 3 Supplies 12.250.00 4 Prepaid Insurance 8,400.00 1 5 Prepaid Rent 4,000.00 2 6 Equipment 26,000.00 7 Accum Depr - Equip 183.00 4 8 Accounts Payable 10,500.00 5 9 Randall James, Capital 128,667.00 610 Randall James, Drawir 12.000.00 0 11 Income Summary 3 12 Fees Income 94.970.00 13 Salaries Expense 32,800.00 14 Utilities Expense 2.675.00 115 Supplies Expense 16 Insurance Expense 17 Rent Expense 4 18 Depr Expense-Equip 19 Advertising Expense 7.200.00 = 20 Telephone Expense 1.025.00 21 Maintenance Expense 11,215.00 22 Totals 234.320.00 234.320.00 23 Net Income 24 94,970.00 94,970.00 7.050.00 700.00 4,000.00 183.00 32,800.00 2.675.00 7,050.00 700.00 4,000.00 183.00 7,200.00 1,025.00 11,215.00 234503.00 32,800.00 2,675.00 7,050.00 700.00 4,000.00 183.00 7,200.00 1,025.00 11.215.00 66.848.00 28,122.00 94.970.00 11.933.00 11.933.00 234,503.00 94.970.00 167.655.00 139.533.00 28,122.00 167.655.00 94.970.00 167,655.00 Randall James' Consulting Services Income Statement For the Month Ended January 31, 2021 G Randall James' Consulting Services Statement of Owner's Equity For the Month Ended January 31, 2021 Account Name Revenue $ $ Account Name Randall James, Capital January 1, 2021 2 Add: Net Income 3 Less: Withdrawals 4 Net Increase in Capital Randall James, Capital January 31, 2021 S $ 4 Expenses $ 5 6 6 7 7 8 9 $ $ $ $ $ $ $ $ $ 9 10 10 11 12 12 13 13 14 14 IS 1s Total Expenses 16 Net Income 17 $ $ 16 17 18 IS 19 19 20 20 21 22 Randall James Consulting Services Balance Sheet 31-Jan-21 Account Name - - $ $ $ $ $ ! $ 7 Total Assets $ $ 10 $ $ 11 12 Total Liabilities & Owner's Equity 13 14 15 17 18 19 20 21
