Help Save & Exit Subr Month Ended December 31, 2019 Adjusted Trial Balance Incom

Question

Help Save & Exit Subr Month Ended December 31, 2019 Adjusted Trial Balance Income Statement Trial Balance Adjustments t Debit Credit Balance Sheet Account Nane 39,100 6,500 6,050 10,200 42,500 Cash Accounts Receivable Supplies Prepaid Advertising Equipment Accusulated Depreciation- Equipment Accounts Payable Selena Cantu, Capital Selena Cantu, Drawing Fees Income Supplies Expense Advertising Expense Depreciation Expense- Equipment Salaries Expense Utilities Expense Totals 39,100 6,500 3,5006,050 1,700 10,200 42,500 39,100 6,500 2,550 8,500 42,500 850 850 850 6,500 54,500 6,500 54,500 6,500 54,500 4,100 4,100 4,100 57,750 57,750 57,750 3,500 1,700 850 8,900 ,400 3,500 1,700 3, 500 1,700 850 8,900 1,400 850 8,900 400 ,750 118,750 6,050 6,050 119, 600 119,600 16,350 57,750 103,250 61,850 41,400 57,750 57,750 103,250 103,250 118, Net Income 41-400 Required: 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month 3. Prepare a balance sheet

Explanation / Answer

STATEMENT OF INCOME Amount $ Revenue Fees Income 57750 Gross revenue 57,750 Less: Operating expense Supplies expense 3500 Advertising expense 1700    Depreciation expense 850 Salaries expense 8,900 Utilities expense 1,400 16350 Net Income Earned 41400 STATEMENT OF OWNER'S EQUITY Amount $ Beginning Capital 54,500 Less: Drawings 4,100 Add: Net income earned 41,400 Ending Capital 91,800 BALANCE SHEET Amount $ ASSETS: Current Assets: Cash 39,100 Accounts Receivable 6500 Supplies 2550 Pprepaid advertisement 8,500 56650 Fixed Assets: Equipment 42,500 Less: Accumulated Dep 850 41,650 TOTAL ASSETS 98,300 LIABILITIES: Current Liabilities: Accounst Payable 6500 Owner's equity 91,800 TOTAL LIABILITIES & Equity 98,300

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