A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date.

 

	Unadjusted Trial Balance					Adjusted Trial Balance
Cash	$	121,140				$	121,140
Accounts receivable		9,000					18,000
Office supplies		16,600					4,500
Prepaid insurance		10,240					2,960
Office equipment		85,000					85,000
Accum. Depreciation—Office equip.			$	24,000				$	36,000
Accounts payable				10,100					24,000
Interest payable				0					2,000
Salaries payable				0					7,000
Unearned consulting fees				32,000					13,000
Long-term notes payable				56,000					56,000
J. Logan, Capital				58,000					58,000
J. Logan, Withdrawals		9,500					9,500
Consulting fees earned				167,000					195,000
Depreciation expense—Office equip.		0					12,000
Salaries expense		67,150					74,150
Interest expense		1,230					3,230
Insurance expense		0					7,280
Rent expense		14,780					14,780
Office supplies expense		0					12,100
Advertising expense		12,460					26,360
Totals	$	347,100	$	347,100		$	391,000	$	391,000

Problem 3-4A Part 2

2(a-1) Prepare JKL Company's income statement for the year ended July 31, 2017.
2(a-2) Prepare JKL Company's statement of owner’s equity for the year ended July 31, 2017. Note: J. Logan, Capital at July 31, 2016, was $58,000, and the current-year withdrawals were $9,500.
2(b) Prepare JKL Company's the balance sheet as of July 31, 2017.

Answer rating: 100% (QA)

Ans a1 JKL Company Income statement for the year ended July 312017 Particulars Amount Amount Income ... View the full answer