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Gerrad started a law firm in Parramatta. The following additional information is available for at 30 June 2023: Account Name Cash at bank Accounts Receivable Office Supplies Office equipment Accounts Payable Loan Payable Gerrad, Capital Gerrad, Drawings Service Revenue Wages Expense Utilities Expense Rent expense Total $65,000 $25,000 $20,000 $130,000 Debit $20,000 $25,000 $8,000 $17,000 $310,000 Required Prepare a balance sheet for Gerrad Legal Services at 30 June 2023 Adj. Trial Balance Credit $3,000 $40,000 $200,000 $67,000 $310,000

Gerrad started a law firm in Parramatta. The following additional information is available for at 30 June 2023: Account Name Cash at bank Accounts Receivable Office Supplies Office equipment Accounts Payable Loan Payable Gerrad, Capital Gerrad, Drawings Service Revenue Wages Expense Utilities Expense Rent expense Total $65,000 $25,000 $20,000 $130,000 Debit $20,000 $25,000 $8,000 $17,000 $310,000 Required Prepare a balance sheet for Gerrad Legal Services at 30 June 2023 Adj. Trial Balance Credit $3,000 $40,000 $200,000 $67,000 $310,000

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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Gerrad started a law firm in Parramatta. The following additional information is available for at 30 June 2023: Account Name Cash at bank Accounts Receivable Office Supplies Office equipment Accounts Payable Loan Payable Gerrad, Capital Gerrad, Drawings Service Revenue Wages Expense Utilities Expense Rent expense Total $65,000 $25,000 $20,000 $130,000 Debit $20,000 $25,000 $8,000 $17,000 $310,000 Required Prepare a balance sheet for Gerrad Legal Services at 30 June 2023 Adj. Trial Balance Credit $3,000 $40,000 $200,000 $67,000 $310,000
Transcribed Image Text:Gerrad started a law firm in Parramatta. The following additional information is available for at 30 June 2023: Account Name Cash at bank Accounts Receivable Office Supplies Office equipment Accounts Payable Loan Payable Gerrad, Capital Gerrad, Drawings Service Revenue Wages Expense Utilities Expense Rent expense Total $65,000 $25,000 $20,000 $130,000 Debit $20,000 $25,000 $8,000 $17,000 $310,000 Required Prepare a balance sheet for Gerrad Legal Services at 30 June 2023 Adj. Trial Balance Credit $3,000 $40,000 $200,000 $67,000 $310,000
Assets Total assets Liabilities Total liabilities Net assets Owner's Equity Total Equity Gerrad Legal Services Balance Sheet As at 30 June 2023
Transcribed Image Text:Assets Total assets Liabilities Total liabilities Net assets Owner's Equity Total Equity Gerrad Legal Services Balance Sheet As at 30 June 2023
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