Adjusted Trial Balance of Veng Sreng Repairs owned by Mr. Seth Khan on December 31, 2020, follows.

Khan Repairs

Adjusted Trial Balance

December 31, 2020

Accounts Titles Debit Credit

Cash ………………………………………. $13,000 $

Office supplies ……………………………. 1,200

Prepaid Insurance ……………………….. 1,950

Equipment ………………………………… 48,000

Accumulated Depreciation-Equipment ….. 4,000

Accounts Payable ………………………… 12,000

Wages Payable …………………………… 500

S. Khan, Capital ………………………….. 40,000

S. Khan, Withdrawal ……………………… 15,000

Repairs Fees Earned …………………….. 77,750

Depreciation Expenses-Equipment ……… 4,000

Wages expense ………………………….. 36,500

Insurance expense ………………………. 700

Rent expense …………………………….. 9,600

Office supplies expense …………………. 2,600

Utilities expense …………………………. 1,700 ________

Totals ……………………………………. $134,250 $134,250

Required:

Prepared an Income Statement , Statement of Owner’s Equity (5marks) for the year 2020, and a classified Balance Sheet at December 31,2020 . (note: Follow the Proper Format of preparing Financial Statements

Answer rating: 100% (QA)

Okay lets start with preparing the financial statements as per the information provided in adjusted ... View the full answer