Prepare an income statement and owner equity statement

Assignment Help Accounting Basics

Reference no: EM131194542

1. Supplies on hand total $480.

2. Depreciation is $800 per quarter.

3. Interest accrued on 6-month note payable, issued January 1,$300.

4. Insurance expires at the rate of $200 per month.

5. Services provided but unbilled at March 31 total $1,030.

Instructions-

(a) Enter the trial balance on a worksheet and complete the worksheet.

(b) Prepare an income statement and owner's equity statement for the quarter and a classified balance sheet at March 31. O. Asik did not make any additional investments in the business during the quarter ended March 31, 2012.

(d) Journalize the closing entries from the financial statement columns of the worksheet.

Reference no: EM131194542

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