August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. $10,460 9,120

Question

August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. $10,460 9,120 2,990 4,200 16,260 $10,460 9,630 1,960 2,750 16,260 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense $3,659 5,420 $4,859 5,420 1,390 1,380 17,500 5,380 2,140 17,500 5,380 2,730 2,730 34,580 12,070 35,090 12,830 16,670 18,060 1,030 18,319 1,450 1,200 18,319 0 $80,749 $80,749 $83,849 $83,849

Explanation / Answer

INCOME STATEMENT Revenue: Service Revenue 35090 Rent Revenue 12830 47920 Expenses: Salaries and Wages Expense 18060 Supplies Expense 1030 Rent Expense 18319 Insurance Expense 1450 Depreciation Expense 1200 40059 Net Income 7861 STATEMENT OF RETAINED EARNINGS Balance as on 31st August, 2016 5380 Add: Net Income 7861 Balance as on 31st August, 2017 13241 BALANCE SHEET ASSETS Current Assets: Cash 10460 A/R 9630 Supplies 1960 Prepaid Insurance 2750 24800 Equipment 16260 Accumulated depreciation 4859 11401 Total assets 36201 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Acctounts payable 5420 Salaries and Wages Payable 1390 Unearned Rent Revenue 1380 8190 Total liabilities 8190 Stockholders' Equity: Common stock 17500 Retained earnings 13241 28011 Total liabilities & stockholders' equity 36201

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