Emily O'brien ConsultingTrial Balance 7/31/20 Account DebitCreditCash30,000 Acct. Receivable8,000 Office Supplies1,200 Prepaid Insurance2,400 Equipment31,000 Account Payable 3,000Unearned Revenue 1,500Notes Payable 27,000O’brian’s Capital 30,000O’brian’s Withdrawers2,500 Service Revenue 16,000Salaries Expenses1,200 Rent Expenses1,000 Utilities Expenses200 TOTAL77,50077,500Prepaid the income statement for the month ended 12/31/21Prepaid the statement of owner’s equity for the month end 12/31/21 The owner did not make any contribution during the period.Prepare the balance sheet as of 12/31/21

An income statement is a financial report that indicates the revenue and expenses of a business.

Answered: Emily O'brien Consulting Trial Balance…

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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Emily O'brien Consulting

Trial Balance 7/31/20

Account	Debit	Credit
Cash	30,000
Acct. Receivable	8,000
Office Supplies	1,200
Prepaid Insurance	2,400
Equipment	31,000
Account Payable		3,000
Unearned Revenue		1,500
Notes Payable		27,000
O’brian’s Capital		30,000
O’brian’s Withdrawers	2,500
Service Revenue		16,000
Salaries Expenses	1,200
Rent Expenses	1,000
Utilities Expenses	200
TOTAL	77,500	77,500

Prepaid the income statement for the month ended 12/31/21
Prepaid the statement of owner’s equity for the month end 12/31/21

The owner did not make any contribution during the period.

Prepare the balance sheet as of 12/31/21

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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