The adjusted trial balance of Gibson Company for the year ended December 31, 2022, is as follows.
Question:
The adjusted trial balance of Gibson Company for the year ended December 31, 2022, is as follows.
Instructions
Prepare a multiple-step income statement, owner's equity statement, and a classified balance sheet. The notes payable is due on January 10, 2023. The notes receivable is due on June 30, 2023. Allowance for Doubtful Accounts applies to Accounts Recievable only.
Cash Accounts Receivable Notes Receivable Inventory Equipment Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings Sales Revenue Interest Revenue Cost of Goods Sold Salary and Wages Expense Rent Expense Bad Debt Expense Service Charge Expense Debit $ 6,400 2,700 6,300 10,000 7,500 1,000 8,000 1,400 700 60 40 $44,100 Credit $ 300 1,000 1,100 600 28,000 13,000 100 $44,100
Step by Step Answer:
Solution Multi Step Income Statement Gibson Company Income Statement for the year ended 31 Dec 2022 ...View the full answer
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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