Evan Roberts owns a business, Shore Sports, that rents canoes and kayaks. Below is the adjusted trial
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Question:
Evan Roberts owns a business, Shore Sports, that rents canoes and kayaks. Below is the adjusted trial balance at December 31.
Account No. | Debit Balances | Credit Balances | |
Cash | 11 | 1,500 | |
Accounts Receivable | 12 | 2,000 | |
Interest Receivable | 13 | 100 | |
Prepaid Insurance | 14 | 1,600 | |
Notes Receivable (long-term) | 16 | 2,800 | |
Equipment | 18 | 15,000 | |
Accumulated Depreciation | 19 | 3,000 | |
Accounts Payable | 21 | 2,400 | |
Accrued Expenses Payable | 22 | 3,920 | |
Income Taxes Payable | 23 | 2,700 | |
Unearned Rent Fees | 25 | 500 | |
Evan Roberts, Capital | 31 | 7,700 | |
Evan Roberts, Drawing | 32 | 2,000 | |
Rent Fees Earned | 41 | 37,000 | |
Furniture Rental Revenue | 42 | 1,200 | |
Interest Revenue | 43 | 100 | |
Wages Expense | 51 | 19,000 | |
Depreciation Expense | 52 | 1,800 | |
Utilities Expense | 53 | 320 | |
Insurance Expense | 54 | 700 | |
Maintenance Expense | 55 | 9,000 | |
Income Tax Expense | 56 | 2,700 | |
Totals | 58,520 | 58,520 |
a. decrease Owner's Capital by $33,520
b. increase Owner's Capital by $33,520
c. decrease Owner's Capital by $35,520
d. increase Owner's Capital by $35,520
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