Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable 28,750 Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 Insurance expense 32,000 Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800

Adjusted Trial Balance Debit Credit Cash $ 54,650 Accounts receivable 28,750 Prepaid insurance Land 8,000 22,000 Accounts payable Salaries payable $ 14,300 4,250 Common stock 50,000 Retained earnings 38,900 Dividends 36,000 Service revenue 257,350 Insurance expense 32,000 Salaries expense Miscellaneous expense 126,500 56,900 364,800 364,800

Name: From the above Company Z adjusted trial balance, prepare simple financ
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Description: From the above Company Z adjusted trial balance, prepare simple financial statements, as follows:A. Income StatementB. Statement of Owner’s EquityC. Balance Sheet (simple—unclassified) Adjusted Trial BalanceDebitCreditCash$ 54,650Accounts receivable2

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

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From the above Company Z adjusted trial balance, prepare simple financial statements, as follows:

A. Income Statement

B. Statement of Owner’s Equity

C. Balance Sheet (simple—unclassified)

Adjusted Trial Balance
Debit
Credit
Cash
$ 54,650
Accounts receivable
28,750
Prepaid insurance
Land
8,000
22,000
Accounts payable
Salaries payable
$ 14,300
4,250
Common stock
50,000
Retained earnings
38,900
Dividends
36,000
Service revenue
257,350
Insurance expense
32,000
Salaries expense
Miscellaneous expense
126,500
56,900
364,800
364,800

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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