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Account Cash Accounts receivable Supplies Prepaid rent Peterson Corporation Adjusted Trial Balance July 31, 2021 Equipment Accumulated depreciation-equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment $ Debit 12,400 19,100 2,400 1,700 37,000 10,000 1,300 $ Credit 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense-equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense Income tax expense Total $ 1,700 37,000 10,000 $ 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 1,300 40,000 11,000 3,400 4,000 2,300 7,300 151,900 $ 151,900

Account Cash Accounts receivable Supplies Prepaid rent Peterson Corporation Adjusted Trial Balance July 31, 2021 Equipment Accumulated depreciation-equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment $ Debit 12,400 19,100 2,400 1,700 37,000 10,000 1,300 $ Credit 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense-equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense Income tax expense Total $ 1,700 37,000 10,000 $ 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 1,300 40,000 11,000 3,400 4,000 2,300 7,300 151,900 $ 151,900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The adjusted trial balance for the year of Peterson Corporation at July 31, 2021, follows. EEE (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Peterson Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Peterson's 2021 income statement. (Check your spelling carefully and do not abbreviate. Use only the account names provided in the adjusted trial balance.) Revenue: Expenses: Income before tax Net income CO Peterson Corporation Income Statement Year Ended July 31, 2021
Transcribed Image Text:The adjusted trial balance for the year of Peterson Corporation at July 31, 2021, follows. EEE (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Peterson Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Peterson's 2021 income statement. (Check your spelling carefully and do not abbreviate. Use only the account names provided in the adjusted trial balance.) Revenue: Expenses: Income before tax Net income CO Peterson Corporation Income Statement Year Ended July 31, 2021
Peterson Corporation Adjusted Trial Balance July 31, 2021 Account Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment D $ Debit 12,400 19,100 2,400 1,700 37,000 10,000 1,300 $ Credit 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense-equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense Income tax expense Total $ 1,700 37,000 10,000 $ 1,300 40,000 11,000 3,400 4,000 2,300 7,300 151,900 $ 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 151,900
Transcribed Image Text:Peterson Corporation Adjusted Trial Balance July 31, 2021 Account Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment D $ Debit 12,400 19,100 2,400 1,700 37,000 10,000 1,300 $ Credit 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense-equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense Income tax expense Total $ 1,700 37,000 10,000 $ 1,300 40,000 11,000 3,400 4,000 2,300 7,300 151,900 $ 5,000 8,800 1,050 900 2,200 18,500 19,000 2,500 93,950 151,900
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