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Create income statement and statement of owner equity

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Reference no: EM132495350

The adjusted trial balance for Edgemont Entertainment Solutions is as follows:

EDGEMONT ENTERTAINMENT SOLUTIONS

Adjusted Trial Balance

December 31, 2021

Cash. Dr. $ 6,200

Accounts receivable Dr. $7,500

Prepaid insurance Dr. $1,800

Equipment Dr. $33,000

Accumulated depreciation-equipment Cr. $8,600

Accounts payable Cr. $14,700

M. Edgemont, capital Cr. $34,000

M. Edgemont, drawings Dr. $ 7,200

Service revenue Cr. $46,000

Depreciation expense Dr. $2,800

Insurance expense Dr. $1,200

Salaries expense Dr. $39,600

Utilities expense Dr. $4,000

Totals Dr. $103,300 Cr. $103,300

Instructions

Question a. Prepare the income statement, statement of owner's equity, and a classified balance sheet. M. Edgemont had made an additional investment in the business of $4,000 during 2021. The investment has been recorded and it is included in the capital account.

Question b. Prepare the closing journal entries.

Reference no: EM132495350

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