Please help me prepare income statements (account form), balance sheet and statement of changes in owners equity. Account TitleDebitCreditCash130,115Note ReceivableAccounts Receivable30,000125,750Allowance for doubtful debtsMerchandise InventoryPrepaid InsuranceOffice SuppliesStore EquipmentsAccumulated Dep-Eqpt.Office EquipmentAccumulated Dep-Office Eqpt.Grace Zamora DrawingAccount PayableNote PayableVAT PayableGrace Zamora Capital4,835785,3456,0003,750120,00036,00060,00018,00048,000335,53550,00010,550586,230SalesSales Return & AllowanceSales DiscountPurchases1,950,34516,75024,8201,320,500Purchase Retun & AllowancePurchase Discounts12,58520,350Transportation InSales salary expenseAdvertisement expense31,475115,60018,000Transportation OutDepreciation Expense, EqptMisc. Selling ExpenseOffice Salary ExpenseRent ExpenseInsurance ExpenseSupply Expense|Tаx ExpenseDepreciation Expense, Office EqptBad Debt expense12,26012,0006,87565,90048,0009,0008,6506,7506,0002,515Misc. General ExpenseInterest IncomeInterest ExpenseTotal4,9756006,0003,025,0303,025,030

Income statement is a statement that helps in determining the income or the profit and loss of a…

Account Title Debit Credit Cash 130,115 30,000 Note Receivable Accounts Receivable Allowance for doubtful debts Merchandise Inventory Prepaid Insurance Office Supplies Store Equipments Accumulated Dep-Eqpt. Office Equipment Accumulated Dep-Office Eqpt. Grace Zamora Drawing 125,750 4,835 785,345 6,000 3,750 120,000 36,000 60,000 18,000 48,000 Account Payable Note Payable VAT Payable Grace Zamora Capital Sales Sales Return & Allowance Sales Discount Purchases Purchase Return & Allowance Purchase Discounts 335,535 50,000 10,550 586,230 1,950,345 16,750 24,820 1,320,500 12,585 20,350 Transportation In Sales salary expense Advertisement expense 31,475 115,600 18,000 Transportation Out Depreciation Expense, Eqpt Misc. Selling Expense Office Salary Expense Rent Expense Insurance Expense Supply Expense Таx Expense Depreciation Expense, Office Eqpt Bad Debt expense 12,260 12,000 6,875 65,900 48,000 9,000 8,650 6,750 6,000 2,515 Misc. General Expense Interest Income 4,975 600 Interest Expense 6,000 Total 3,025,030 3,025,030

Account Title Debit Credit Cash 130,115 30,000 Note Receivable Accounts Receivable Allowance for doubtful debts Merchandise Inventory Prepaid Insurance Office Supplies Store Equipments Accumulated Dep-Eqpt. Office Equipment Accumulated Dep-Office Eqpt. Grace Zamora Drawing 125,750 4,835 785,345 6,000 3,750 120,000 36,000 60,000 18,000 48,000 Account Payable Note Payable VAT Payable Grace Zamora Capital Sales Sales Return & Allowance Sales Discount Purchases Purchase Return & Allowance Purchase Discounts 335,535 50,000 10,550 586,230 1,950,345 16,750 24,820 1,320,500 12,585 20,350 Transportation In Sales salary expense Advertisement expense 31,475 115,600 18,000 Transportation Out Depreciation Expense, Eqpt Misc. Selling Expense Office Salary Expense Rent Expense Insurance Expense Supply Expense Таx Expense Depreciation Expense, Office Eqpt Bad Debt expense 12,260 12,000 6,875 65,900 48,000 9,000 8,650 6,750 6,000 2,515 Misc. General Expense Interest Income 4,975 600 Interest Expense 6,000 Total 3,025,030 3,025,030

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.1KTQ

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