From the trial balance and the net income or net loss determined in Exercise 3.6, prepare...

From the trial balance and the net income or net loss determined in Exercise 3.6, prepare a statement of owner’s equity and a balance sheet for Apartment Locators as of December 31, 2013.

Exercise 3.6

Using the account balances from Exercise 3.5, prepare a trial balance and an income statement for Apartment Locators. The trial balance is for December 31, 2013, and the income statement is for the month ended December 31, 2013.

Exercise 3.5

The following T accounts show transactions that were recorded by Apartment Locators, a firm that specializes in local apartment renting. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Determine the balance of each account.