Phoebe Company Adjusted Trial Balance July 31,2020 No. Account Titles Debit Credit 101 Cash 9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 158 Accumulated Depreciation—Equip. 7,400 201 Accounts Payable 4,220 208 Unearned Rent Revenue 1,800 301 Owner's Capital 45,200 306 Owner's Drawings 16,000 400 Service Revenue 64,000 429 Rent Revenue 6,500 711 Depreciation Expense 8,000 726 Salaries and Wages Expense 55,700 732 Utilities Expense 14,900 $129,120 $129,120 a. Prepare an income statement and an owner's equity statement for the year. Phoebe did not make any capital investments during the year. b. Prepare a classified balance sheet at July 31.
Phoebe Company Adjusted Trial Balance July 31,2020 No. Account Titles Debit Credit 101 Cash 9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 158 Accumulated Depreciation—Equip. 7,400 201 Accounts Payable 4,220 208 Unearned Rent Revenue 1,800 301 Owner's Capital 45,200 306 Owner's Drawings 16,000 400 Service Revenue 64,000 429 Rent Revenue 6,500 711 Depreciation Expense 8,000 726 Salaries and Wages Expense 55,700 732 Utilities Expense 14,900 $129,120 $129,120 a. Prepare an income statement and an owner's equity statement for the year. Phoebe did not make any capital investments during the year. b. Prepare a classified balance sheet at July 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| Phoebe Company | ||||
| Adjusted |
||||
| July 31,2020 | ||||
| No. | Account Titles | Debit | Credit | |
| 101 | Cash | 9,840 | ||
| 112 | 8,780 | |||
| 157 | Equipment | 15,900 | ||
| 158 | 7,400 | |||
| 201 | Accounts Payable | 4,220 | ||
| 208 | Unearned Rent Revenue | 1,800 | ||
| 301 | Owner's Capital | 45,200 | ||
| 306 | Owner's Drawings | 16,000 | ||
| 400 | Service Revenue | 64,000 | ||
| 429 | Rent Revenue | 6,500 | ||
| 711 | Depreciation Expense | 8,000 | ||
| 726 | Salaries and Wages Expense | 55,700 | ||
| 732 | Utilities Expense | 14,900 | ||
| $129,120 | $129,120 |
a. Prepare an income statement and an owner's equity statement for the year. Phoebe did not make any
capital investments during the year.
b. Prepare a classified
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