The adjusted trial balance for MAJAN Company at December 31, 2019 contains the following. Debits Credits Building 77,000 MAJAN, Capital 67,000 Account Receivable 9,000 Accumulated Depreciation - Building 26,000 Prepaid Insurance 2,700 Account Payable 7,400 Cash 10,840 Note Payable 60,000 Equipment 37,500 Accumulated Depreciation - Equipment 11,000 Land 38,000 Interest Payable 1,600 Insurance expense 540 Golfing Revenue 8,580 Depreciation Expense 4,400 Interest expense 1,600 181,580 181,580 Instruction: (a) Prepare Income Statement . (b) Prepare owner equity statement.
- The adjusted
trial balance for MAJAN Company at December 31, 2019 contains the following.
|
Debits |
Credits |
|
Building 77,000 |
MAJAN, Capital 67,000 |
|
|
|
|
Prepaid Insurance 2,700 |
Account Payable 7,400 |
|
Cash 10,840 |
Note Payable 60,000 |
|
Equipment 37,500 |
Accumulated Depreciation - Equipment 11,000 |
|
Land 38,000 |
Interest Payable 1,600 |
|
Insurance expense 540 |
Golfing Revenue 8,580 |
|
Depreciation Expense 4,400 |
|
|
Interest expense 1,600 |
|
|
181,580 |
181,580 |
Instruction:
(a) Prepare Income Statement .
(b) Prepare owner equity statement.
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