66 ow.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-true Van Kohl's Home Repair Trial Balance May 31, 20-- Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Account Totals Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing Service Fees Rent Expense Wages Expense Phone Expense 4 Gas and Oil Expense Debit Credit Balance Balance 21,180 3,200 300 900 7,000 8,000 3,000 800 800 200 120 4,000 30,000 11,500 45,500 45,500 Change in owner's equity: Wilhelm Kohl's original investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity Required: $9,580 3,000 $30,000 6,580 $36,580 All work saved.
66 ow.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-true Van Kohl's Home Repair Trial Balance May 31, 20-- Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Account Totals Accounts Payable Wilhelm Kohl, Capital Wilhelm Kohl, Drawing Service Fees Rent Expense Wages Expense Phone Expense 4 Gas and Oil Expense Debit Credit Balance Balance 21,180 3,200 300 900 7,000 8,000 3,000 800 800 200 120 4,000 30,000 11,500 45,500 45,500 Change in owner's equity: Wilhelm Kohl's original investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity Required: $9,580 3,000 $30,000 6,580 $36,580 All work saved.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:now.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-true
1. Prepare an Income statement for Kohl's Home Repair for the month ended May 31, 20--
Kohl's Home Repair
Income Statement
For Month Ended May 31, 20--
Total expenses
2. Prepare a statement of owner's equity for Kohl's Home Repair for the month ended May 31, 20--
Kohl's Home Repair
Statement of Owner's Equity
For Month Ended May 31, 20--
Total Investment
3. Prepare a balance sheet for Kohl's Home Repair as of May 31, 20--.
Kohl's Home Repair
Balance Sheet
May 31 20--
All work saved.

Transcribed Image Text:66
ow.com/ilrn/takeAssignment/takeAssignment Main.do?inprogress-true
Kohl's Home Repair
Trial Balance
May 31, 20--
Van
Account
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Accounts Payable
Wilhelm Kohl, Capital
Wilhelm Kohl, Drawing
Service Fees
Rent Expense
Wages Expense
Phone Expense
4
Gas and Oil Expense
Totals
Debit Credit
Balance Balance
21,180
3,200
300
900
7,000
8,000
3,000
800
800
200
120
4,000
30,000
11,500
45,500 45,500
Change in owner's equity:
Wilhelm Kohl's original investment in the business
+ Net Income for the month
- Owner's drawing
Increase (decrease) in capital
= Ending owner's equity
Required:
$9,580
3,000
$30,000
6,580
$36,580
All work saved.
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