From the following Company A adjusted trial balance, prepare simple financial statements, as follows:Income StatementRetained Earnings StatementBalance Sheet **Adjusted Trial Balance**| **Account** | **Debit** | **Credit** ||----------------------------|-----------|------------|| Cash | $42,000 | || Accounts Receivable | 11,300 | || Prepaid Insurance | 14,800 | || Accounts Payable | | $10,900 || Salaries Payable | | 14,000 || Common Stock | | 25,000 || Service Revenue | | 61,000 || Administrative Expenses | 42,800 | || **Total** | **110,900** | **110,900** |**Explanation:**This table represents an Adjusted Trial Balance, listing all account balances following adjustments at the end of an accounting period. Each account has a designated debit or credit balance. The total of debits equals the total of credits, indicating that the entries are balanced and the ledger is accurate.

Name: From the following Company A adjusted trial balance, prepare simple fi
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Description: From the following Company A adjusted trial balance, prepare simple financial statements, as follows:Income StatementRetained Earnings StatementBalance Sheet **Adjusted Trial Balance**| **Account** | **Debit** | **Credit** ||----------

Income statement: It tells about the Net income / loss for the particular period. All the revenues…

Business

Accounting

Adjusted Trial Balance Debit Credit $ 42,000 11,300 14,800 Cash Accounts receivable Prepaid insurance Accounts payable Salaries payable Common stock $ 10,900 14,000 25,000 61,000 Service revenue Administrative expenses 42,800 110,900 110,900

Adjusted Trial Balance Debit Credit $ 42,000 11,300 14,800 Cash Accounts receivable Prepaid insurance Accounts payable Salaries payable Common stock $ 10,900 14,000 25,000 61,000 Service revenue Administrative expenses 42,800 110,900 110,900

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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