From the trial balance of Grace Lantz, Barrister and Solicitor, of Winnipeg, prepare (a) An income statement
Question:
From the trial balance of Grace Lantz, Barrister and Solicitor, of Winnipeg, prepare
(a) An income statement for the month of May,
(b) A statement of owner’s equity for the month ended May 31, and
(c) A balance sheet as of May 31, 2022.
Transcribed Image Text:
Cash Accounts Receivable Office Equipment Accounts Payable Salaries Payable G. Lantz, Capital G. Lantz, Withdrawals Revenue from Legal Fees Utilities Expense Rent Expense Salaries Expense Totals GRACE LANTZ, Barrister and Solicitor TRIAL BALANCE MAY 31, 2022 Dr. $500000 65000 75000 30000 Cr. $430000 67500 127500 235000 30000 45000 115000 $860000 $860000
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Related Book For
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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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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