Floating Airplanes has completed all of its journal entries and adjusting entries for the month of...

 

 

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Floating Airplanes has completed all of its journal entries and adjusting entries for the month of January 2019. The adjusted trial balance is shown below. Note: during the month of January, the owner of Floating Airplanes invested $8,780 into the business. Floating Airplanes Adjusted Trial Balance January 31, 2019 Account Titles DR CR Cash $ 8,590 $ 7,760 $ 1,970 $ 63,520 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable $ 1,340 $ 9,680 $ 90 Interest Payable $ 6,000 $ 15,570 $ 48,450 Unearned Revenue Bank Loan Murray, Capital Murray, Withdrawals $1,790 $ 5,100 Service Revenue Advertising Expense $ 240 $ 220 Depreciation Expense Insurance Expense Rent Expense $ 320 $1,560 $ 86,230 $ 86,230 Total Required Prepare the income statement, statement of owner's equity, and balance sheet. Do not enter dollar signs, negative signs, or commas in the input boxes. Floating Airplanes Income Statement For the Month Ended January 31, 2019 Revenue Service Revenue Expenses Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Total Expenses Floating Airplanes Balance Sheet As at January 31, 2019 Assets Cash Accounts Receivable Prepaid Insurance Equipment Less: Accumulated Depreciation-Equipment Net Equipment Total Assets Liabilities Accounts Payable Interest Payable Unearned Revenue Bank Loan Total Liabilities Net Equipment Total Assets Liabilities Accounts Payable Interest Payable Unearned Revenue Bank Loan Total Liabilities Owner's Equity Murray, Capital Total Liabilities and Owner's Equity Floating Airplanes has completed all of its journal entries and adjusting entries for the month of January 2019. The adjusted trial balance is shown below. Note: during the month of January, the owner of Floating Airplanes invested $8,780 into the business. Floating Airplanes Adjusted Trial Balance January 31, 2019 Account Titles DR CR Cash $ 8,590 $ 7,760 $ 1,970 $ 63,520 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable $ 1,340 $ 9,680 $ 90 Interest Payable $ 6,000 $ 15,570 $ 48,450 Unearned Revenue Bank Loan Murray, Capital Murray, Withdrawals $1,790 $ 5,100 Service Revenue Advertising Expense $ 240 $ 220 Depreciation Expense Insurance Expense Rent Expense $ 320 $1,560 $ 86,230 $ 86,230 Total Required Prepare the income statement, statement of owner's equity, and balance sheet. Do not enter dollar signs, negative signs, or commas in the input boxes. Floating Airplanes Income Statement For the Month Ended January 31, 2019 Revenue Service Revenue Expenses Advertising Expense Depreciation Expense Insurance Expense Interest Expense Rent Expense Total Expenses Floating Airplanes Balance Sheet As at January 31, 2019 Assets Cash Accounts Receivable Prepaid Insurance Equipment Less: Accumulated Depreciation-Equipment Net Equipment Total Assets Liabilities Accounts Payable Interest Payable Unearned Revenue Bank Loan Total Liabilities Net Equipment Total Assets Liabilities Accounts Payable Interest Payable Unearned Revenue Bank Loan Total Liabilities Owner's Equity Murray, Capital Total Liabilities and Owner's Equity

Answer rating: 100% (QA)

Income Statement Floating Airplanes Income Statement For the Month ended January 31 2019 Revenue 510... View the full answer