Using the adjusted trial balance below, how do I create an income sheet, balance, sheet, and statement of change in equity?

 

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Accounts Receivable Accumulated Depreciation - Equipment for Rent Accumulated Depreciation - Shop Furniture & Fittings Allowance for Doubtful Debts Cash at Bank Depreciation Expense - Equipment for Rent Depreciation Expense-Shop Furniture & Fittings Discount Allowed Doubtful Debts Expense Equipment for Rent Fuel Expense-Delivery Van Insurance Expense Interest Expense Interest Payable Interest Received Internet & Phone Expense Loan Payable Office Electricity Expense Office Rent Expense Office Salary Expense Otto, Capital Otto, Drawings Prepaid Advertising Repairs & Maintenance Payable Sales Shop Electricity Expense Shop Furniture & Fittings Shop Rent Expense Shop Salaries Expense Totals Debit (S) 6,872 38,790 30,000 2,840 2,980 500 357,256 2,560 22,958 376 2,400 800 2,920 4,160 14,800 1,232 2,710 30,000 20,520 11,320 555,994 Credit (S) 30,000 7,216 500 496 1,848 27,680 35,848 23,310 429,096 555,994 **The loan was taken out on 30 June 2022 and is payable in equal annual amounts over 5 years **$20,000 of the insurance expense was Public Liability Insurance to cover for accidents that could occur as a result of renting out equipment and the balance of the insurance expense covers office equipment. **The Internet & Phone expense is split evenly between the shop and the office. Accounts Receivable Accumulated Depreciation - Equipment for Rent Accumulated Depreciation - Shop Furniture & Fittings Allowance for Doubtful Debts Cash at Bank Depreciation Expense - Equipment for Rent Depreciation Expense-Shop Furniture & Fittings Discount Allowed Doubtful Debts Expense Equipment for Rent Fuel Expense-Delivery Van Insurance Expense Interest Expense Interest Payable Interest Received Internet & Phone Expense Loan Payable Office Electricity Expense Office Rent Expense Office Salary Expense Otto, Capital Otto, Drawings Prepaid Advertising Repairs & Maintenance Payable Sales Shop Electricity Expense Shop Furniture & Fittings Shop Rent Expense Shop Salaries Expense Totals Debit (S) 6,872 38,790 30,000 2,840 2,980 500 357,256 2,560 22,958 376 2,400 800 2,920 4,160 14,800 1,232 2,710 30,000 20,520 11,320 555,994 Credit (S) 30,000 7,216 500 496 1,848 27,680 35,848 23,310 429,096 555,994 **The loan was taken out on 30 June 2022 and is payable in equal annual amounts over 5 years **$20,000 of the insurance expense was Public Liability Insurance to cover for accidents that could occur as a result of renting out equipment and the balance of the insurance expense covers office equipment. **The Internet & Phone expense is split evenly between the shop and the office.

Answer rating: 100% (QA)

To create an income statement balance sheet and statement of change in equity from an adjusted trial ... View the full answer