Tutorial 4, Week 5 (Homework)[1]

Statement of owners equity for the month ended 31

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Unformatted text preview: January 20X0 Vince Serrano, capital, 1 January 20X0 Add: Investment by owner Profit for the month Less: Drawings by owner Vince Serrano, capital, 31 January 20X0 $ -060,000 700 60,700 (2,600) $58,100 3. Balance sheet at 31 January 20X0 Serrano Carpet Installers Balance Sheet 31 January 20X0 Assets Cash at bank Accounts receivable Supplies Equipment Van Total assets Liabilities $ 4,000 Accounts payable 2,200 Total liabilities 400 32,000 Owners’ Equity 20,000 Vince Serrano, capital Total liabilities and $58,600 Owners’ equity $ 500 500 58,100 $58,600 P4-1 Preparing a work sheet (Obj. 1) The trial balance of Jane’s Preschool at 31 May 20X2, follows: Additional data at 31 May 20X2: a. Depreciation: furniture, $500; building, $400. b. Accrued salary expense, $600. c. Supplies on hand, $400. d. Prepaid insurance expired, $300. e. Unearned service revenue earned during May, $4 400. Complete Jane’s work sheet for May. Key adjusting entries by letter. Jane’s Preschool Work Sheet Month Ended 31 May 20X2 Account tit...
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