Question
Using the adjusted trial balance below, how do I create an income sheet, balance, sheet, and statement of change in equity? Pedal & Surf Hire
Using the adjusted trial balance below, how do I create an income sheet, balance, sheet, and statement of change in equity?
Pedal & Surf Hire
Adjusted Trial Balance
For the year ending 30 JUNE 2023
Debit ($) | Credit ($) | |
Accounts Receivable | 6,872 | |
Accumulated Depreciation Equipment for Rent | 30,000 | |
Accumulated Depreciation Shop Furniture & Fittings | 7,216 | |
Allowance for Doubtful Debts | 500 | |
Cash at Bank | 38,790 | |
Depreciation Expense Equipment for Rent | 30,000 | |
Depreciation Expense Shop Furniture & Fittings | 2,840 | |
Discount Allowed | 2,980 | |
Doubtful Debts Expense | 500 | |
Equipment for Rent | 357,256 | |
Fuel Expense Delivery Van | 2,560 | |
Insurance Expense | 22,958 | |
Interest Expense | 376 | |
Interest Payable | 496 | |
Interest Received | 1,848 | |
Internet & Phone Expense | 2,400 | |
Loan Payable | 27,680 | |
Office Electricity Expense | 800 | |
Office Rent Expense | 2,920 | |
Office Salary Expense | 4,160 | |
Otto, Capital | 35,848 | |
Otto, Drawings | 14,800 | |
Prepaid Advertising | 1,232 | |
Repairs & Maintenance Payable | 23,310 | |
Sales | 429,096 | |
Shop Electricity Expense | 2,710 | |
Shop Furniture & Fittings | 30,000 | |
Shop Rent Expense | 20,520 | |
Shop Salaries Expense | 11,320 | |
Totals | 555,994 | 555,994 |
**The loan was taken out on 30 June 2022 and is payable in equal annual amounts over 5 years
**$20,000 of the insurance expense was Public Liability Insurance to cover for accidents that could occur as a result of renting out equipment and the balance of the insurance expense covers office equipment.
**The Internet & Phone expense is split evenly between the shop and the office.
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