Answered step by step
Verified Expert Solution
Question
1 Approved Answer
14) The accounts of Fiza's Pet Shop, follow with their normal balances at November 30, 2020. The accounts are mixed up. Debit Credit Account Balance
14) The accounts of Fiza's Pet Shop, follow with their normal balances at November 30, 2020. The accounts are mixed up. Debit Credit Account Balance Account Balance Accounts receivable $3,500 Accounts payable $12,500 1,500 Sales Revenue 20,000 Prepaid rent 3,000 Owner's capital 25,000 Cash 31,000 Salary and wages payable 1,500 Furniture and fixtures 5,000 Salary and wages expense 12,000 Owner's drawings 3,500 Rent expense REQUIRED: (1) Prepare the company's Trial balance at November 30, 2020, listing accounts in proper sequence. (3 marks) (2) Prepare a Statement of Profit and Loss (Income Statement). (2 marks). (3) Prepare a Statement of Owner's Equity. (2 marks) (4) Prepare a Statement of Position (Balance Sheet)
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