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Cash in Bank Account Receivable Allowance for Bad debt

Cash in Bank Account Receivable Allowance for Bad debt

FINANCIAL ACCOUNTING
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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Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Cash in Bank Account Receivable Allowance for Bad debts Prepaid Rent Office Equipment Acc. Dep. - Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital Service Income Cost of Service Administrative Salaries Advertising Expense Utilities Expense Transportation Expense Bad Debt Expense Depreciation Expense Rent Expense TOTALS P Debit 100,000 480,000 10,000 660,000 1,050,000 280,000 70,000 60,000 9,000 5,000 6,000 60,000 P 2,790,000 P Credit 5,000 60,000 30,000 240,000 455,000 2,000,000 P 2,790,000
Transcribed Image Text:Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Cash in Bank Account Receivable Allowance for Bad debts Prepaid Rent Office Equipment Acc. Dep. - Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital Service Income Cost of Service Administrative Salaries Advertising Expense Utilities Expense Transportation Expense Bad Debt Expense Depreciation Expense Rent Expense TOTALS P Debit 100,000 480,000 10,000 660,000 1,050,000 280,000 70,000 60,000 9,000 5,000 6,000 60,000 P 2,790,000 P Credit 5,000 60,000 30,000 240,000 455,000 2,000,000 P 2,790,000
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