The adjusted trial balance for Lane Company is given in E3-12.

Instructions

Prepare Lane Company's income statement, statement of owner's equity, and balance sheet.

Data from E3-12

Transcribed Image Text:

Before Adjustment After Adjustment Debit Credit Debit Credit $ 9,100 $ 9,100 Cash Accounts receivable 8,700 9,230 Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Notes payable Salaries payable Interest payable Unearned service revenue 2,450 710 3,775 2,525 34,100 34,100 $ 5,800 $ 3,525 5,900 5,900 40,000 40,000 1,125 500 1,600 900 E. Lane, capital E. Lane, drawings 5,600 5,600 10,000 10,000 Service revenue 45,000 46,230 Depreciation expense Insurance expense Interest expense Rent expense Salaries expense 2,275 1,250 1,500 2,000 15,000 15,000 17,000 18,125 Supplies expense 1,740 Totals $106,055 $101,625 $101,625 $106,055