Prepare an income statement and ba

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare an income statement and balance sheet as of December 31st
Adjusted Trial Balance
December 31
Debit
Credit
Cash
$7,560
Accounts Receivable
26,040
Supplies
5,880
Prepaid Insurance
1,302
Office Equipment
92,400
Accum. Depr. - Equipment
$18,200
Accounts Payable
16,940
Unearned Subscription Revenue
14,000
Salaries Payable
4,900
Common Stock
35,000
Retained Earnings
32,508
Subscription Revenue
263,620
Advertising Revenue
69,580
Salaries Expense
168,322
Printing and Mailing Expense
119,840
Rent Expense
12,320
Supplies Expense
8,540
Insurance Expense
2,604
Depreciation Expense
7,700
Income Tax Expense
2,240
Totals
$454,748 $454,748
Transcribed Image Text:Adjusted Trial Balance December 31 Debit Credit Cash $7,560 Accounts Receivable 26,040 Supplies 5,880 Prepaid Insurance 1,302 Office Equipment 92,400 Accum. Depr. - Equipment $18,200 Accounts Payable 16,940 Unearned Subscription Revenue 14,000 Salaries Payable 4,900 Common Stock 35,000 Retained Earnings 32,508 Subscription Revenue 263,620 Advertising Revenue 69,580 Salaries Expense 168,322 Printing and Mailing Expense 119,840 Rent Expense 12,320 Supplies Expense 8,540 Insurance Expense 2,604 Depreciation Expense 7,700 Income Tax Expense 2,240 Totals $454,748 $454,748
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