Answered step by step
Verified Expert Solution
Question
1 Approved Answer
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020. year end: Debit Credit $ 43,900 18,600 68,900 20,400 8,900
This alphabetized adjusted trial balance is for GalaVu Entertainment as of its December 31, 2020. year end: Debit Credit $ 43,900 18,600 68,900 20,400 8,900 139,000 10,900 13,100 4,000 64,500 237,675 250 3,400 16 Accounts payable Accounts receivable Accumulated depreciation, automobiles Accumulated depreciation, equipment Advertising expense Automobiles Cash Depreciation expense, automobiles Depreciation expense, equipment Equipment Revenue Interest income Interest expense Interest payable Interest receivable John Conroe, capital John Conroe, withdrawals Land Long-term notes payable Notes receivable (due in 90 days) Office supplies Office supplies expense Repairs expense, automobiles Salaries expense Salaries payable Jnearned revenue lages expense Cotals 200 22,909 18,900 34,500 114,000 79,500 3,900 12,900 8,300 76,125 5,400 19,900 27,700 $ 524,425 $ 524,425 b. The statement of changes in equity for the year ended December 31, 2020, assuming that the owner made additional investmem of $14,500 during the year GALAVU ENTERTAINMENT Statement of Changes in Equity For Year Ended December 31, 2020 John Conroe, capital, January 1 0 $ 0 Total 0 John Conroe, capital, December 31 c. The balance sheet as of December 31, 2020 (Be sure to list the assets and liabilities in order of their liquidity.) Assets 0 Total Assets Liabilities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started