Income Statement For Month Ended January 31, 20-- Revenue: Total Revenue Expenses: 8 Prepare a statement of owner's equity. Assume that no additional investments were made during January. Enter zero when there is no balance to report. Wallace Financial Services Statement of Owner's Equity For Month Ended January 31, 20-- Total Expenses Net Income Subtotal QOQO Prepare a balance sheet. Total Assets Wallace Financial Services Balance Sheet January 31, 20-- Assets Liabilities
Income Statement For Month Ended January 31, 20-- Revenue: Total Revenue Expenses: 8 Prepare a statement of owner's equity. Assume that no additional investments were made during January. Enter zero when there is no balance to report. Wallace Financial Services Statement of Owner's Equity For Month Ended January 31, 20-- Total Expenses Net Income Subtotal QOQO Prepare a balance sheet. Total Assets Wallace Financial Services Balance Sheet January 31, 20-- Assets Liabilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:eBook
The trial balance for Wallace Financial Services on January 31 is as follows:
Wallace Financial Services
Account Name
Cash
Supplies
Prepaid Insurance
Print Item
Equipment
Accumulated Depreciation,
Equipment
Accounts Payable
L. Wallace, Capital
L. Wallace, Drawing
Financial Services Fees
Wages Expense
Rent Expense
Utilities Expense
Repair Expense
Miscellaneous Expense
Trial Balance
January 31, 20--
Debit
15,890
574
3,096
12,280
2,600
3,825
870
430
235
200
40,000
Data for month-end adjustments are as follows:
a. Expired or used-up insurance, $600.
b. Depreciation expense on equipment, $280.
Credit
2,400
1,984
21,506
14,110
40,000
c. Wages accrued or earned since the last payday, $970 (owed and to be paid on the next payday).
d. Supplies used, $460.

Transcribed Image Text:Income Statement
For Month Ended January 31, 20--
Revenue:
Total Revenue
Expenses:
Total Expenses
Net Income
Prepare a statement of owner's equity. Assume that no additional investments were made during January. Enter zero when there is no balance to report.
Wallace Financial Services
Statement of Owner's Equity
For Month Ended January 31, 20--
Subtotal
Prepare a balance sheet.
Total Assets
Qoço
Wallace Financial Services
Balance Sheet
January 31, 20--
Total Liabilities
Assets
Liabilities
Owner's Equity
Total Liabilities and Owner's Equity
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
Transcribed Image Text:Prepare a statement of owner's equity. Assume that no additional investments were made during January. Enter zero when there is no balance to report.
Wallace Financial Services
Statement of Owner's Equity
For Month Ended January 31, 20--
L. Wallace, Capital, January 1, 20--
Investment during January
Net Income for January
Subtotal
Less Withdrawals for January
Increase in Capital
L. Wallace, Capital, January 31, 20--
0
6,240
0 X
2,600
21,506
Incorrect
0 X
25,146
Solution
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