Question

LOG -30XA IN OFF PROF. ARIAS PROBLEM 4 (25 PTS.) The adjusted trial balance of Personal Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020 1. an income statement 2. an owner's equity statement 3a balance sheet Credit Debit 10,500 4,000 1,900 18,000 Personal Financial Planners Adjusted Trial Balance December 31, 2020 Account titles Cash $ Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Uneamed Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Rent Expense Utilities Expense Totals $ 5,400 3,500 500 5.000 18,000 2,500 12,000 3,000 1.200 150 2,500 650 44,400 S 44,400

Answer 1

Solution:

Income Statement

for the month ending December 31 ,2020

REVENUES Service Revenue EXPENSES Supplies Salaries and Wages Expense Supplies Expense Depreciation Expense Rent Expense Utilities Expense NET INCOME	$ 12,000	$ 12,000 9,400
	1,900 3,000 1,200 150 2,500 650
		2,600

OWNER’S EQUITY STATEMENT

Particulars	$
Owner’s Capital Owner’s Drawings Net Income	18,000 (2,500) 2,600
	18,100

        

BALANCE SHEET

as at Dec. 31, 2020

ASSETS Current Assets Cash Accounts Receivable Fixed Assets Equipment Accumulated Depreciation LIABILITY AND OWNER’S EQUITY Current Liabilities Accounts Payable Salary and Wages Payable Unearned Service Revenue Owner’s Equity (Note)	$ 10,500 4,000	$ 14,500 12,600
	18,000 (5,400)
	3,500 500 5,000	27,100
		9,000 18,100
	18,100
		27,100