From the trial balance of Gretchen Lyman, Barrister and Solicitor, of Winnipeg, prepare (a) An income statement
Question:
From the trial balance of Gretchen Lyman, 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
(c) A balance sheet as of May 31, 2023
Transcribed Image Text:
GRETCHEN LYMAN, BARRISTER AND SOLICITOR TRIAL BALANCE MAY 31, 2023 Cash Accounts Receivable Office Equipment Accounts Payable Salaries Payable G. Lyman, Capital G. Lyman, Withdrawals Revenue from Legal Fees Utilities Expense Rent Expense Salaries Expense Totals Dr. $ 700000 80000 230000 17500 Cr. $ 290000 93000 579500 135000 30000 30000 10000 $1097500 $1097500
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a b c Revenue Revenue from Legal Fees Operating Expen...View the full answer
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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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