The trial balance of John's company as at 31 December 2022 showed the following balances: Debit Balances
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Question:
The trial balance of John's company as at 31 December 2022 showed the following balances:
| Debit Balances | Credit Balances |
|---|---|
| $10,000 | $12,000 (Capital) |
| $3,000 | $5,000 (Loan) |
| $6,000 | $2,000 (Rent received in advance) |
| $8,000 | $7,000 (Accounts Payable) |
| $14,000 | $17,000 (Sales) |
| $2,000 | $1,000 (Insurance expense) |
From the above, prepare the trading and profit and loss account for the year ended 31 December 2022, and the balance sheet as at that date.
Expert Answer:
Related Book For 
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
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