The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. Cash (a) 175,000 (b) 31,000
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.
| Cash |
| (a) | 175,000 | (b) | 31,000 |
| (d) | 15,000 | (e) | 550 |
| (g) | 1,500 | (h) | 9,500 |
| | | (i) | 3,500 |
| Accounts Receivable |
| (f) | 11,000 | (g) | 1,500 |
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| Accounts Payable |
| | | (c) | 65,000 |
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| Wade Wilson, Capital |
| | | (a) | 175,000 |
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| Fees Income |
| | | (d) | 15,000 |
| | | (f) | 11,000 |
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| Telephone Expense |
| (e) | 550 | | |
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| Wade Wilson, Drawing |
| (i) | 3,500 | | |
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| Salaries Expense |
| (h) | 9,500 | | |
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Required: Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.
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| | | RESIDENTIAL RELOCATORS | | Income Statement | | Month Ended December 31, 2019 | | Revenue | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | | | | | | Total expenses | | 0 | | | | | |
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| | | RESIDENTIAL RELOCATORS | | Trial Balance | | December 31, 2019 | | Account name | Debit | Credit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Totals | $0 | $0 | |
