Please do not give solution in image format thanku bPrepare an owner's equity statement for the month of May.>IVANHOE'S HOTELOwner's Equity StatementGnSIVANHOE'S HOTELBalance SheetAssetsLiabilities and Owner's Equity$S Cash4SuppliesPrepaid InsuranceEquipmentNotes PayableAccounts PayableUnearned Service RevenueOwner's CapitalOwner's DrawingsService RevenueSalaries and Wages ExpenseRent Expense1.2Sunland AdvertisingTrial BalanceOctober 31, 20223.45.Debit6.$14.0002,000800Assume the following adjustment data.5,3003004.800900$28,100Supplies on hand at October 31 total $400.Expired insurance for the month is $160.Depreciation for the month is $70.Services related to unearned service revenue in October worth $600 were performed.Services performed but not recorded at October 31 are $300.Interest to be accrued at October 31 is $80.7. Salaries to be accrued at October 31 are $1,200.CreditPrepare an income statement for the month of May.$4,7002,0001,3009,70010,400$28,100IVANHOE'S HOTELIncome StatementSGEDSS

The income statement and balance sheet are the important financial statements of the business. The…

Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 1. 2 3. 4. 5. 6. Debit $14.000 7. Assume the following adjustment data. 2,000 800 5,300 300 4.800 900 $28,100 Credit $4,700 2,000 1,300 9,700 10,400 $28,100 Supplies on hand at October 31 total $400. Expired insurance for the month is $160. Depreciation for the month is $70. Services related to unearned service revenue in October worth $600 were performed. Services performed but not recorded at October 31 are $300. Interest to be accrued at October 31 is $80. Salaries to be accrued at October 31 are $1,200.

Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 1. 2 3. 4. 5. 6. Debit $14.000 7. Assume the following adjustment data. 2,000 800 5,300 300 4.800 900 $28,100 Credit $4,700 2,000 1,300 9,700 10,400 $28,100 Supplies on hand at October 31 total $400. Expired insurance for the month is $160. Depreciation for the month is $70. Services related to unearned service revenue in October worth $600 were performed. Services performed but not recorded at October 31 are $300. Interest to be accrued at October 31 is $80. Salaries to be accrued at October 31 are $1,200.

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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