Answered: Prepare an income statement, balance…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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Prepare an income statement, balance sheet and statement of owner’s equity for the
year ended January 31, 2018 from the following adjusted trial balance:
P. S Supplies
Adjusted Trial Balance
December 31, 2012
Accounts Debit Credit
Cash $2,000
Prepaid insurance 2,000
Office supplies 600
Office equipment 16,000
Accumulated depreciation $3,000
Accounts payable 5,000
Salaries payable 900
Unearned service revenue 2,500
C. Devours, capital 7,450
C. Devours, drawing 5,600
Service revenue 15,350
Salaries expense 4,600
Depreciation expense 1,000
Supplies expense 400
Insurance expense 2,000
Totals $34,200 $34,200

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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