2. From worksheet, prepare the Income Statement and Balance Sheet MAGNIFICENT LANDSCAPING SERVICE Worksheet April 30, 2018 Trial Balance Adjustments Adjusted Trial Income Statement Account Name Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 2,950 2,950 Accounts Receivable 575 575 Office Supplies 85 (c) 45 40 Prepaid Insurance 240 240 Equipment 2,540 (b) 40 2,500 Accounts 28 28 Payable Unearned Lawn Mowing Revenue 200 (d) 100 100 Common Stock 5,000 5,000 Dividends 1,000 1,000 2,250 Lawn Mowing Revenue (d) 100 2,350 Gas Expense 53 53 Advertising Expense 35 35 7,478 7,478 Depreciation Expense: Equipment (a) 35 35 Accumulated Depreciation: Equipment (a) 35 35 Supplies Expense (b) 40 (c) 45 85 Salaries Expense (e) 420 420 Salaries Payable (e) 420 420 640 640 2.933 7.933

2. From worksheet, prepare the Income Statement and Balance Sheet MAGNIFICENT LANDSCAPING SERVICE Worksheet April 30, 2018 Trial Balance Adjustments Adjusted Trial Income Statement Account Name Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 2,950 2,950 Accounts Receivable 575 575 Office Supplies 85 (c) 45 40 Prepaid Insurance 240 240 Equipment 2,540 (b) 40 2,500 Accounts 28 28 Payable Unearned Lawn Mowing Revenue 200 (d) 100 100 Common Stock 5,000 5,000 Dividends 1,000 1,000 2,250 Lawn Mowing Revenue (d) 100 2,350 Gas Expense 53 53 Advertising Expense 35 35 7,478 7,478 Depreciation Expense: Equipment (a) 35 35 Accumulated Depreciation: Equipment (a) 35 35 Supplies Expense (b) 40 (c) 45 85 Salaries Expense (e) 420 420 Salaries Payable (e) 420 420 640 640 2.933 7.933

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 34P

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