Tutorial 4, Week 5 (Homework)[1]

Ref debit 500 jrnl ref debit 600 credit account no

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Unformatted text preview: Account No. Balance Credit Debit 600 Credit 4. Prepare the trial balance for Serrano Carpet Installers at 31 January 20X0 Serrano Carpet Installers Trial Balance 31 January 20X0 Account Cash at bank Accounts receivable Supplies Equipment Van Accounts payable Vince Serrano, capital Vince Serrano, drawings Service revenue Salary expense Rent expense Insurance expense Advertising expense Total Debit Credit $ 4,000 2,200 400 32,000 20,000 $ 500 60,000 2,600 4,100 1,300 1,000 600 500 $64,600 $64,600 P2-6 Preparing the financial statements (Obj. 5) Refer to ‘The financial statements’ in Chapter 1 and to Problem 2-5. After completing the trial balance in Problem 2-5, prepare the following financial statements for Serrano Carpet Installers: 1. Income statement for the month ended 31 January 20X0 Draw arrows to link the statements, per Exhibit 1-8 Serrano Carpet Installers Income Statement Month Ended 31 January 20X0 Revenues: Service revenue Expenses: Salary expense Rent expense Insurance expense Advertising expense Total expenses Profit $4,100 $1,300 1,000 600 500 3,400 $ 700 2. Statement of owners’ equity for the month ended 31 January 20X0 Serrano Carpet Installers Statement of changes in equity Month Ended 31...
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