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LBL200 LJU Requirement 3. Prepare the trial balance of Johnson Services, Inc., at May 31 of the current year. Select the accounts that will appear in the trial balance. Then enter the account balances and total the debits and credits Review the account balances prepared in a previous step Johnson Services, Inc. Trial Balance May 31 0 More Info Account Debit Credit Cash 19190 Accounts receivable May 2 Johnson Services received $61,000 cash and issued common stock to the Supplies stockholders. 3 Purchased supplies, $700, and equipment, $12,100, on account. Equipment 4 Performed services for a customer and received cash, 55,700. 7 Paid cash to acquire land, $37,000. Accounts payable 11 Performed services for a customer and billed the customer, $4,300. Johnson expects to collect within one month. Common stock 16 Paid for the equipment purchased May 3 on account. Dividends 17 Paid for newspaper advertising, $540. Service revenue 18 Received partial payment from customer on account, $2,200. 22 Received and paid the water and electricity bills, $370. Salary expense 29 Received $2,000 cash for servicing the heating unit of a customer. Advertising expense 31 Paid employee salaries, $1,800. 31 Declared and paid dividends of $1,700. Utilities expense Land Total Print Done Requirement 4. Mark Johnson, the manager, asks you how much in total Total resources = Amount owed = $ The company profitable, as it reported of $ . Choose from any list or enter any number in the input fields and then continue to the next question

Answer 1

Trial Balance
Account Titles	Debit	Credit
Cash	$          17,390
Accounts Receivable	$            2,100
Supplies	$               700
Land	$          37,000
Equipment	$          12,100
Accounts Payable		$               700
Common Stock		$          61,000
Dividends	$            1,700
Service Revenue		$          12,000
Advertising Expense	$               540
Salaries Expense	$            1,800
Utilities Expense	$               370
Total	$          73,700	$          73,700

Total Resources = $69290 i.e. Total Assets
Amount Owed = $700 i.e. Accounts Payable

The company is porfitable, as it reported profit/net income of $9290 i.e. ($12000-540-1800-370)