Question: From the information given below, prepare a November income statement, a November statemont of owner's equity, and a November 30 balance shoot. On November 1
From the information given below, prepare a November income statement, a November statemont of owner's equity, and a November 30 balance shoot. On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts. $40,000 Accounts payable....... $12.000 Office furnishings.. 23,000 Accounts receivablo........... 6.000 Owner's withdrawals...... Cash... 17,200 3.600 Rent oxponse. 6,200 Foe oarnod. 30,000 Salarios exponse. 4,250 *Notes payablo.. Telephone exponse....... 250 NOTE: Feo oamed is the same as Rovenue oarnod. It is a revenuo account. Notes payable is a liability account. It means the company has a written agreement with creditor for future payment
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