The following T accounts show transactions that were recorded on December 31, 20X1 by Residential Rental...

 

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The following T accounts show transactions that were recorded on December 31, 20X1 by Residential Rental Consultant, a firm that specializes in local Housing rentals. The entries for the first transaction are labeled with the letter (a), the entres for the second transaction with the letter (b), and so on. Cash Debit Credit James Taylor, Capital Debit Accounts eceivable (a) 100,000 (b) 18,000 Credit (a) Debit 100,000 (f) 7,500 Credit (g) 1,500 (d) 20,000 (e) 700 (g) 1,500 (h) 5,500 (i) 3,000 James Taylor, Drawing Debit (i) Credit 3,000 Supplies Fees Income Debit (b) Credit Debit Credit 18,000 (d) 20,000 (f) 7,500 Equipment Salaries Expense Accounts Payable Debit Credit (c) 30,000 Debit (h) Credit Debit Credit 5,500 (c) 30,000 Telephone Expense Debit (e) Credit 700 Required: Prepare a statement of owner's equity and a balance sheet for Residential Rental Consultants as of December 31, 20X1. Hint. Net income for December is $21,300. The following T accounts show transactions that were recorded on December 31, 20X1 by Residential Rental Consultant, a firm that specializes in local Housing rentals. The entries for the first transaction are labeled with the letter (a), the entres for the second transaction with the letter (b), and so on. Cash Debit Credit James Taylor, Capital Debit Accounts eceivable (a) 100,000 (b) 18,000 Credit (a) Debit 100,000 (f) 7,500 Credit (g) 1,500 (d) 20,000 (e) 700 (g) 1,500 (h) 5,500 (i) 3,000 James Taylor, Drawing Debit (i) Credit 3,000 Supplies Fees Income Debit (b) Credit Debit Credit 18,000 (d) 20,000 (f) 7,500 Equipment Salaries Expense Accounts Payable Debit Credit (c) 30,000 Debit (h) Credit Debit Credit 5,500 (c) 30,000 Telephone Expense Debit (e) Credit 700 Required: Prepare a statement of owner's equity and a balance sheet for Residential Rental Consultants as of December 31, 20X1. Hint. Net income for December is $21,300.