Question

Wk. 2 - Apply: Connect Exercise (due Mon) The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals Equipment 63,000 Accounts Receivable (f) 11,400 (b) (c) 1,300 points Cash (a) 173, eee (b) 29, eee (d) 13,000 (e) 530 (g) 1,300 (h) 9,300 (i) 3,300 Accounts Payable (c) 63,080 (b) Supplies 29,000 Wade Wilson, Capital (a) 173,eee Fees Income (d) (f) Telephone Expense (e) 530 Wade Wilson, Drawing (i) 3,300 13,000 11,4ee Salaries Expense 9,300 (h) Required: Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019. Complete this question by entering your answers in the tabs below.

Answer 1

RESIDENTIAL RELOCATORS
Trail Balance
December 31, 2019
Account name	Debit	Credit
Cash       [All debits - All credits = $173,000 + $13,000 + $1,300 - $29,000 - $530 - $9,300 - $3,300]	$145,170
Accounts Receivable [All debits - All credits = $11,400 - $1,300]	$10,100
Supplies	$29,000
Equipment	$63,000
Accounts Payable		$63,000
Wade Wilson, Capital		$173,000
Wade Wilson, drawing	$3,300
Fees income          [$13,000 + $11,400]		$24,400
Telephone expense	$530
Salaries expense	$9,300
Totals	$260,400	$260,400

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RESIDENTIAL RELOCATORS
Income Statement
Month Ended December 31, 2019
Revenues
Fees Revenue          [Refer trial income]		$24,400
Expenses:
Telephone expense    [Refer trial income]	$530
Salaries expense        [Refer trial income]	$9,300
Total Expenses     [$530 + $9,300]		$9,830
Net income             [$24,400 + $9,830]		$14,570