Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance of Personal Financial Planners appears below. Personal Financial Planners Adjusted Trial Balance December 31, 2020 Debit Credit Cash $4,900 Accounts Receivable

The adjusted trial balance of Personal Financial Planners appears below. Personal Financial Planners Adjusted Trial Balance December 31, 2020 Debit Credit Cash $4,900 Accounts Receivable 2,300 Supplies 1,800 Equipment 14,000 Accumulated Depreciation-Equipment $3,000 Accounts Payable 3,300 Unearned Service Revenue 6,000 Owner's Capital 14,600 Owner's Drawings 2,500 Service Revenue 4,500 Supplies Expense 700 Depreciation Expense 2,700 Rent Expense 2.500 $31.400 $31,400 Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020: 1. An income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) Personal Financial Planners Income Statement For the Month Ended December 31, 2020 v $ S 2. An owner's equity statement. Personal Financial Planners Owner's Equity Statement For the Month Ended December 31, 2020 $ Personal Financial Planners Balance Sheet December 31, 2020 Assets Liabilities and Owner's Equity Simage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting A Focus on Ethical Decision Making

Authors: Steve Jackson, Roby Sawyers, Greg Jenkins

5th edition

324663854, 978-0324663853

Students also viewed these Accounting questions

Question

1. Let a, b R, a Answered: 1 week ago

Answered: 1 week ago