View the step-by-step solution to:

Question

P 2-3 The following trial balance was prepared for Findlay Consultants Corp. at January 31, 2019, its first month

of operation. Findlay Consultants Corp. Trial Balance At January 31, 2019 Acct. Account Balances No. Account Debits Credits 210 110 610 101 320 183 182 236 631 641 160 420 654 656 226 668 669 184 370 677 Accounts payable Accounts receivable Advertising expense Cash Common stock Equipment Furniture Utilities payable Insurance expense Maintenance expense Prepaid advertising Fees earned Rent expense Salaries expense Salaries payable Supplies expense Telephone expense Truck Truck operating expense Wages expense $ 9,000 150 2,000 200 300 9,500 350 125 9,000 $ 3,625 7,000 4,000 1,000 250 400 2,600 1,500 750 1,500 Required: 1. Prepare a corrected trial balance at January 31. List the accounts in numerical order. Record the amounts in their proper debit or credit positions. Re‐add total debits and credits and ensure they are equal. Assume all accounts have normal balances. 2. Prepare an income statement and statement of changes in equity for the month ended January 31, 2019. 3. Prepare a balance sheet at January 31, 2019.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Let our 24/7 Financial Accounting tutors help you get unstuck! Ask your first question.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors