The partial work sheet for Adams’ Shoe Shine is shown, prepare a statement of owner’s equity, assuming no additional investment was made by the owner. Adams’ Shoe Shine Work Sheet (Partial) For Month Ended June 30, 20-- 1 INCOME STATEMENT INCOME STATEMENT BALANCE SHEET BALANCE SHEET 2 ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT 3 Cash 3,262.00 4 Accounts Receivable 1,244.00 5 Supplies 800.00 6 Prepaid Insurance 640.00 7 Office Equipment 2,100.00 8 Accumulated Depreciation-Office Equipment 110.00 9 Accounts Payable 1,850.00 10 Wages Payable 260.00 11 Mary Adams, Capital 6,000.00 12 Mary Adams, Drawing 2,000.00 13 Service Fees 4,813.00 14 Wages Expense 1,080.00 15 Advertising Expense 34.00 16 Rent Expense 900.00 17 Supplies Expense 322.00 18 Phone Expense 133.00 19 Utilities Expense 102.00 20 Insurance Expense 120.00 21 Gas and Oil Expense 88.00 22 Depreciation Expense-Office Equipment 110.00 23 Miscellaneous Expense 98.00 24 2,987.00 4,813.00 10,046.00 8,220.00 25 Net Income 1,826.00 1,826.00 26 $4,813.00 $4,813.00 $10,046.00 $10,046.00 Required: Prepare a statement of owner’s equity, assuming no additional investment was made by the owner.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 2PA

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Question

The partial work sheet for Adams’ Shoe Shine is shown, prepare a statement of owner’s equity, assuming no additional investment was made by the owner.

Adams’ Shoe Shine

Work Sheet (Partial)

For Month Ended June 30, 20--

1		INCOME STATEMENT	INCOME STATEMENT	BALANCE SHEET	BALANCE SHEET
2	ACCOUNT TITLE	DEBIT	CREDIT	DEBIT	CREDIT
3	Cash			3,262.00
4	Accounts Receivable			1,244.00
5	Supplies			800.00
6	Prepaid Insurance			640.00
7	Office Equipment			2,100.00
8	Accumulated Depreciation-Office Equipment				110.00
9	Accounts Payable				1,850.00
10	Wages Payable				260.00
11	Mary Adams, Capital				6,000.00
12	Mary Adams, Drawing			2,000.00
13	Service Fees		4,813.00
14	Wages Expense	1,080.00
15	Advertising Expense	34.00
16	Rent Expense	900.00
17	Supplies Expense	322.00
18	Phone Expense	133.00
19	Utilities Expense	102.00
20	Insurance Expense	120.00
21	Gas and Oil Expense	88.00
22	Depreciation Expense-Office Equipment	110.00
23	Miscellaneous Expense	98.00
24		2,987.00	4,813.00	10,046.00	8,220.00
25	Net Income	1,826.00			1,826.00
26		$4,813.00	$4,813.00	$10,046.00	$10,046.00