prepare an income statement and an owner s equity statement for the year plevin did 593155
The adjusted trial balance for Plevin Company is presented below.
PLEVIN COMPANY Adjusted Trial Balance July 31, 2014 |
|||
Account Titles |
Debit |
Credit |
|
101 157 |
Cash Accounts Receivable Equipment |
$ 9,840 8,780 15,900 |
|
158 |
Accumulated Depreciation—Equip. |
$ 7,400 |
|
201 |
Accounts Payable |
4,220 |
|
208 |
Unearned Rent Revenue |
1,800 |
|
301 |
Owner”s Capital |
45,200 |
|
306 |
Owner”s Drawings |
16,000 |
|
400 |
Service Revenue |
64,000 |
|
429 |
Rent Revenue |
6,500 |
|
711 |
Depreciation Expense |
8,000 |
|
726 |
Salaries and Wages Expense |
55,700 |
|
732 |
Utilities Expense |
14,900 |
|
$129,120 |
$129,120 |
Instructions
(a) Prepare an income statement and an owner”s equity statement for the year. Plevin did not make any capital investments during the year.
(b) Prepare a classified balance sheet at July 31.