Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 20Y6: Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 20Y6 Unadjusted Adjusted Trial BalanceAdjustmentsTrial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr. Cash27,000 27,000 Accounts Receivable53,500 53,500 Supplies3,000 (a) 2,100900 Office Equipment30,500 30,500 Accumulated Depreciation 4,500 (b) 1,500 6,000Accounts Payable 3,300 3,300Salaries Payable (c) 375 375Jayson Neese, Capital 82,200 82,200Jayson Neese, Drawing2,000 2,000 Fees Earned 60,000 60,000Salary Expense32,000 (c) 375 32,375 Supplies Expense (a) 2,100 2,100 Depreciation Expense (b) 1,500 1,500 Miscellaneous Expense2,000 2,000 150,000150,000 3,975 3,975151,875151,875 Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.Elliptical ConsultingStatement of Owner's EquityFor the Year Ended June 30, 20Y6 $- Select - $- Select - - Select - - Select - $- Select -

Statement of shareholder’s (Owner’s) equity refers to a financial statement which shows the shares…

Answered: Based on the preceding spreadsheet,…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 20Y6:

	Elliptical Consulting
	End-of-Period Spreadsheet
	For the Year Ended June 30, 20Y6
	Unadjusted				Adjusted
	Trial Balance	Adjustments	Trial Balance
Account Title	Dr.	Cr.		Dr.	Cr.	Dr.	Cr.

Cash	27,000					27,000
Accounts Receivable	53,500					53,500
Supplies	3,000				(a) 2,100	900
Office Equipment	30,500					30,500
Accumulated Depreciation		4,500			(b) 1,500		6,000
Accounts Payable		3,300					3,300
Salaries Payable					(c) 375		375
Jayson Neese, Capital		82,200					82,200
Jayson Neese, Drawing	2,000					2,000
Fees Earned		60,000					60,000
Salary Expense	32,000			(c) 375		32,375
Supplies Expense				(a) 2,100		2,100
Depreciation Expense				(b) 1,500		1,500
Miscellaneous Expense	2,000					2,000
	150,000	150,000		3,975	3,975	151,875	151,875

Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.

Elliptical ConsultingStatement of Owner's EquityFor the Year Ended June 30, 20Y6

		$- Select -
	$- Select -
	- Select -
		- Select -
		$- Select -

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