From the following Company Y adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement
Question:
From the following Company Y adjusted trial balance, prepare simple financial statements, as follows:
A. Income Statement
B. Retained Earnings Statement
C. Balance Sheet
Transcribed Image Text:
Adjusted Trial Balance Debit $ 32,000 17,300 6,400 10,000 Cash Accounts receivable Prepaid insurance Land Accounts payable Salaries payable Common stock Retained earnings Dividends Service revenue Insurance expense Salaries expense Miscellaneous expense 8,000 5,600 24,000 22,800 126,100 Credit $ 10,900 6,000 31,000 4,200 74,000 126,100
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A Income Statement Account Name Debit Credit Service Revenue 74000 Insurance Expens...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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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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