Using information from the trial balance, can you create anBenson Consulting Companyincome statement, OE statement and balance sheet?Income StatementUse the dropdowns to choose your accounts.For the Month Ended June 30, 2021Benson Consulting CompanySERVICE REVENUETrial BalanceSALARIES EXPENSE30-Jun-21ADVERTISING EXPENSEDRCRSUPPLIES EXPENSECash15.000DEPRECIATION EXPENSEAccounts Receivable1.800NET INCOMESupplies1.400Equipment15.000Accumulated Depr. Equip.2.000Benson Consulting CompanyAccounts Payable1.400Owner's Equity StatementNotes Payable4.000For the Month Ended June 30, 2021Benson, Capital25.000Benson, Drawing1.800BEGINNING CAPITALService Revenue18.000NET INCOMESalaries ExpenseAdvertising ExpenseSupplies Expense8.000SUBTOTAL2.400DRAWINGS3.500ENDING CAPITALDepreciation Expense1.500Totals50.40050.400Benson Consulting CompanyBalance Sheet30-Jun-21CASHACCOUNTS PAYABLEACCOUNTS RECEIVABLENOTES PAYABLESUPPLIESTOTAL LIABILITIESEQUIPMENTACCUM. DEPR. EQUIPMENTBENSON CAPITALTOTAL ASSETSTOTAL LIAB. AND OE

The financial statements of the business include income statement and balance sheet.

Benson Consulting Company Trial Balance 30-Jun-21 DR CR Cash 15.000 Accounts Receivable 1.800 Supplies Equipment Accumulated Depr. Equip. Accounts Payable Notes Payable Benson, Capital Benson, Drawing Service Revenue 1.400 15.000 2.000 1.400 4.000 25.000 1.800 18.000 Salaries Expense Advertising Expense Supplies Expense Depreciation Expense 8.000 2.400 3.500 1.500 Totals 50.400 50.400

Benson Consulting Company Trial Balance 30-Jun-21 DR CR Cash 15.000 Accounts Receivable 1.800 Supplies Equipment Accumulated Depr. Equip. Accounts Payable Notes Payable Benson, Capital Benson, Drawing Service Revenue 1.400 15.000 2.000 1.400 4.000 25.000 1.800 18.000 Salaries Expense Advertising Expense Supplies Expense Depreciation Expense 8.000 2.400 3.500 1.500 Totals 50.400 50.400

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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Cash €18,800 Accounts Receivable 35,800 Allowance for Doubtful ACcounts €638 Inventory, December 31 84,850 Prepaid Insurance 6,860 Equipment 91,000 Accumulated Depreciation-Equipment 36,650 Notes Payable 29,280 Share Capital-Ordinary 80,329 Retained Earnings 9,970 Sales Revenue 635,513 Cost of Goods Sold 419,500 Salaries and Wages Expense 124,210 Advertising Expense 6,730 Office Expense 4,630 €792,380 €792,380
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Prepare the closing entries Cash P4,650Accounts Receivables 5,200Supplies 640Accounts Payable P2,500Unearned Revenue 200Capital 5,000 Drawings 2,000Miscellaneous Expense 400Service Revenue 7,640Salaries Expense 1,650Representation Expense 350Supplies Expense 3,050Salaries Payable 600
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