301C2gpQ - Debit Credit Beginning retained earnings 12,000...

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1 Acct 301 Chapter 2 Group Activity 301C2gpQ.doc/jun’07/Burbage FINANCIAL STATEMENT PREPARATION Shown below (in random order) is the trial balance for ACE Consultants, Inc. as of December 31, 2006. Ace Consultants is on a calendar year. Using the lined paper provided prepare in good form a single-step income statement, a retained earnings statement and a balance sheet. Be sure to include a proper heading for each statement and all proper dollars signs and underlining. PUT THE INCOME STATEMENT AND RETAINED EARNINGS STATEMENT ON ONE SIDE OF THE LINED PAPER AND THE BALANCE SHEET ON THE OTHER SIDE!
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Unformatted text preview: Debit Credit Beginning retained earnings 12,000 Common stock 30,000 Accounts payable 6,000 Building 13,000 Service revenue 25,000 Dividends 4,000 Office supplies expense 2,000 Cash 8,000 Mortgage payable, due in 2010 3,000 Accumulated depreciation 3,000 Utilities expense 1,000 Office supplies on hand 2,000 Salaries expense 9,000 Accounts receivable 11,000 Rent expense 5,000 Land 21,000 Wages payable 1,000 Merchandise Inventory 6,000 Long-term note payable 2,000 -------- -------- 82,000 82,000 ===== =====...
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