Question
The partial worksheet for the Lorado Insurance Agency for the month ended October 31, 20X1, is shown below. The owner made no additional investments during
The partial worksheet for the Lorado Insurance Agency for the month ended October 31, 20X1, is shown below. The owner made no additional investments during the month. Income Statement Balance Sheet Account Name Debit Credit Debit Credit Cash 9,000 Accounts receivable 11,000 Supplies 5,500 Equipment 30,000 Accumulated depreciationEquipment
The partial worksheet for the Lorado Insurance Agency for the month ended October 31, 20X1, is shown below. The owner made no additional investments during the month.
Income Statement | Balance Sheet | |||||||
Account Name | Debit | Credit | Debit | Credit | ||||
Cash | 9,000 | |||||||
Accounts receivable | 11,000 | |||||||
Supplies | 5,500 | |||||||
Equipment | 30,000 | |||||||
Accumulated depreciationEquipment | 8,000 | |||||||
Accounts payable | 9,000 | |||||||
Ashleigh Lorado, Capital | 32,000 | |||||||
Ashleigh Lorado, Drawing | 2,000 | |||||||
Fees income | 23,300 | |||||||
Salaries expense | 12,200 | |||||||
Rent expense | 1,000 | |||||||
Supplies expense | 600 | |||||||
Depreciation expenseEquipment | 1,000 | |||||||
Totals | 14,800 | 23,300 | 57,500 | 49,000 | ||||
Net income | 8,500 | 8,500 | ||||||
23,300 | 23,300 | 57,500 | 57,500 | |||||
Prepare an income statement, a statement of owner's equity, and a balance sheet for the Lorado Insurance Agency for the month ended October 31, 20X1.
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