Help me prepare single step income statement, statements of owners equity and balance sheet. Thank you Jewel Gem Merchandising Store given transactions for the month of June 2020IncomeSalary expenseRent expenseP81,000.0015,000.0010,000.0018,000.00200,000.0020,000.00167,000.0024,000.0077,000.00100,000.0050,000.00100,000.00Supplies expenseInvestment in JuneDrawing of Jewel GemCashAccount receivableStore suppliesStore equipmentAccount payableBank loan

Financial statements comprise written documents that represent a company's commercial activity and…

Answered: Help me prepare single step income…

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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Help me prepare single step income statement, statements of owners equity and balance sheet. Thank you

Jewel Gem Merchandising Store given transactions for the month of June 2020
Income
Salary expense
Rent expense
P81,000.00
15,000.00
10,000.00
18,000.00
200,000.00
20,000.00
167,000.00
24,000.00
77,000.00
100,000.00
50,000.00
100,000.00
Supplies expense
Investment in June
Drawing of Jewel Gem
Cash
Account receivable
Store supplies
Store equipment
Account payable
Bank loan

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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