The adjusted trial balance for Phoebe Company is presented 

Instructions
a. Prepare an income statemen t 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.

Transcribed Image Text:

Phoebe Company Adjusted Trial Balance July 31, 2022 Account Titles No. 101 Cash 112 Accounts Receivable 157 158 201 208 301 306 400 429 711 726 732 Equipment Accumulated Depreciation Equip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Debit $ 9,840 8,780 15,900 16,000 8,000 55,700 14,900 $129,120 Credit $ 7,400 4,220 1,800 45,200 64,000 6,500 $129,120