Question: Using the adjusted trial balance below, how do I create an income sheet, balance, sheet, and statement of change in equity? Pedal & Surf Hire

Using the adjusted trial balance below, how do I create an income sheet, balance, sheet, and statement of change in equity?

Pedal & Surf Hire

Adjusted Trial Balance

For the year ending 30 JUNE 2023

Debit ($) Credit ($)
Accounts Receivable 6,872
Accumulated Depreciation Equipment for Rent 30,000
Accumulated Depreciation Shop Furniture & Fittings 7,216
Allowance for Doubtful Debts 500
Cash at Bank 38,790
Depreciation Expense Equipment for Rent 30,000
Depreciation Expense Shop Furniture & Fittings 2,840
Discount Allowed 2,980
Doubtful Debts Expense 500
Equipment for Rent 357,256
Fuel Expense Delivery Van 2,560
Insurance Expense 22,958
Interest Expense 376
Interest Payable 496
Interest Received 1,848
Internet & Phone Expense 2,400
Loan Payable 27,680
Office Electricity Expense 800
Office Rent Expense 2,920
Office Salary Expense 4,160
Otto, Capital 35,848
Otto, Drawings 14,800
Prepaid Advertising 1,232
Repairs & Maintenance Payable 23,310
Sales 429,096
Shop Electricity Expense 2,710
Shop Furniture & Fittings 30,000
Shop Rent Expense 20,520
Shop Salaries Expense 11,320
Totals 555,994 555,994

**The loan was taken out on 30 June 2022 and is payable in equal annual amounts over 5 years

**$20,000 of the insurance expense was Public Liability Insurance to cover for accidents that could occur as a result of renting out equipment and the balance of the insurance expense covers office equipment.

**The Internet & Phone expense is split evenly between the shop and the office.

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