Question
Use the given adjusted trial balance for Cowell Company, LLC (Table) to prepare the final accounts including profit and loss account, retained earnings statement, and
- Use the given adjusted trial balance for Cowell Company, LLC (Table) to prepare the final accounts including profit and loss account, retained earnings statement, and balance sheet for the Period ended December 31st
(Table)
Adjusted Trial Balance of the Cowell Company, LLC for the Period ended 31st of December
| Account Title | Dr. | Cr. |
| Cash | 10,700 |
|
| Accounts Receivable | 20,000 |
|
| Supplies | 2000 |
|
| Prepaid Insurance | 15,000 |
|
| Equipment | 35,000 |
|
| Accumulated depreciation Equipment |
| 14,000 |
| Unearned Service Revenue |
| 11,000 |
| Taxes Payable |
| 2000 |
| Accounts payable |
| 600 |
| Salaries payable |
| 9,000 |
| Share Capital |
| 24,000 |
| Retained Earnings |
| 12,000 |
| Dividends | 1,500 |
|
| Service Revenue |
| 30,000 |
| Insurance expenses | 1,600 |
|
| Salaries and wages expense | 5,000 |
|
| Depreciation Expense | 7,000 |
|
| Advertising expense | 4000 |
|
| Rent expense | 800 |
|
| Total | 102,600 | 102,600 |
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