Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The partial work sheet for Adams' Shoe Shine is shown, prepare a statement of owner's equity, assuming no additional investment was made by the owner.

The partial work sheet for Adams' Shoe Shine is shown, prepare a statement of owner's equity, assuming no additional investment was made by the owner. Adams' Shoe Shine Work Sheet (Partial) For Month Ended June 30, 20-- 1 INCOME STATEMENT INCOME STATEMENT BALANCE SHEET BALANCE SHEET 2 ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT 3 Cash 3,262.00 4 Accounts Receivable 1,244.00 5 Supplies 800.00 6 Prepaid Insurance 640.00 7 Office Equipment 2,100.00 8 Accumulated Depreciation-Office Equipment 110.00 9 Accounts Payable 1,850.00 10 Wages Payable 260.00 11 Mary Adams, Capital 6,000.00 12 Mary Adams, Drawing 2,000.00 13 Service Fees 4,813.00 14 Wages Expense 1,080.00 15 Advertising Expense 34.00 16 Rent Expense 900.00 17 Supplies Expense 322.00 18 Phone Expense 133.00 19 Utilities Expense 102.00 20 Insurance Expense 120.00 21 Gas and Oil Expense 88.00 22 Depreciation Expense-Office Equipment 110.00 23 Miscellaneous Expense 98.00 24 2,987.00 4,813.00 10,046.00 8,220.00 25 Net Income 1,826.00 1,826.00 26 $4,813.00 $4,813.00 $10,046.00 $10,046.00

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

Financial Accounting

Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac

14th edition

1305088433, 978-1305088436

More Books

Students also viewed these Accounting questions

Question

Imagine you remain in the job listed under point

Answered: 1 week ago