(Complete the income and balance statement columns). Drew Consulting Worksheet (

Question

(Complete the income and balance statement columns).

Drew Consulting Worksheet (Partial) 31-Dec-14 Adjusted Income Balance Trial Balance Statement Sheet Account Title Debit Credit Debit Credit Debit Credit Cash $27,460 Accounts Receivable 1,000 Office Supplies 150 Equipment 1,500 Accum. Depr.—Equip. $25 Furniture 3,900 Accum. Depr.—Furn. 65 Accounts Payable 4,100 Unearned Revenue 1,200 Salaries Payable 567 Common Stock 26,000 Dividends 2,500 Service Revenue 6,200 Rent Expense 500 Utilities Expense 340 Supplies Expense 150 Salaries Expense 567 Depr. Expense—Equip. 25 Depr. Expense—Furn. 65 $38,157 $38,157 Net income or loss

Explanation / Answer

Drew Consulting Worksheet (Partial) 31-Dec-14 Adjusted Income Balance Note Trial Balance Statement Sheet Account Title Debit Credit Debit Credit Debit Credit Cash $27,460 $27,460 Current asset Accounts Receivable 1,000 1,000 Current asset Office Supplies 150 150 Current asset Equipment 1,500 1,500 Fixed Asset Accum. Depr.—Equip. $25 $25 Liability Furniture 3,900 3,900 Fixed Asset Accum. Depr.—Furn. 65 65 Liability Accounts Payable 4,100 4,100 Current liability Unearned Revenue 1,200 1,200 Current liability Salaries Payable 567 567 Current liability Common Stock 26,000 23,500 Equity.Dividend deducted from equity Dividends 2,500 Service Revenue 6,200 6,200 Income Rent Expense 500 500 Expense Utilities Expense 340 340 Expense Supplies Expense 150 150 Expense Salaries Expense 567 567 Expense Depr. Expense—Equip. 25 25 Expense Depr. Expense—Furn. 65 65 Expense Net income or loss 4553 4553 Profit $38,157 $38,157 6200 6200 $34,010 $34,010

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