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The trial balance below has been prepared as at 31 May 2023. Calculate profit or loss for the month. (If the answer is a loss,

The trial balance below has been prepared as at 31 May 2023. Calculate profit or loss for the month.

(If the answer is a loss, please use a minus sign in front of your answer e.g. -1000)

Account Name Debit Credit
Accounts Payable 1,350
Accounts Receivable 36,000
Accumulated Depreciation - Equipment 8,200
Capital 78,350
Cash at Bank 5,000
Depreciation Expense - Equipment 150
Drawings 21,250
Electricity Expense 1,950
Equipment 40,200
Interest expense 9,420
Land 14,000
Loan Payable 33,370
Service Fees Revenue 38,700
Wages Expense 32,000
159,970 159,970

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