Question
XYZ Corporation has provided you with the following transactions for the month of March. Prepare the General Ledger accounts, Trial Balance, and Income Statement for
XYZ Corporation has provided you with the following transactions for the month of March. Prepare the General Ledger accounts, Trial Balance, and Income Statement for the month. Assume all transactions are exclusive of taxes. Use the following table format:
Date | Account Title | Debit ($) | Credit ($) |
March 1 | Rent Expense | 2,500 | |
March 5 | Sales Revenue | 10,000 | |
March 10 | Utilities Expense | 800 | |
March 15 | Accounts Payable | 3,000 | |
March 20 | Cash | 15,000 | |
March 25 | Salary Expense | 1,500 | |
March 31 | Depreciation Expense | 600 |
Calculate the Trial Balance, Income Statement, and Taxes assuming a tax rate of 20%.
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