Solution-Prepare the Balance Sheet Statement of Ibis Hotel

Prepare the Balance Sheet Statement of Ibis Hotel at July

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Reference no: EM132735570

Question - Balance Sheet & Income Statement

Ibis Hotel initiated operations on July 1, 2019. To manage the company officers and managers have requested monthly financial statements starting July 31, 2019. The adjusted trial balance amounts at July 31 are shown below.

Debits		Credits
Cash	$7,680	Accumulated Depreciation-Equipment	$840
Account Receivable	810	Notes Payable	6,000
Prepaid Rent	1,965	Account Payable	2,140
Supplies	1,160	Salaries and Wages Payable	360
Equipment	11,400	Interest Payable	40
Owner's Drawings	800	Unearned Service Revenue	580
Salaries and Wages Expense	7,145	Owner's Capital	10,640
Rent Expense	2,740	Service Revenue	14,390
Depreciation Expense	665	Total Credits	$34,990
Supplies Expense	580
Interest Expense	45
Total Debits	$34,990

Required -

(a) Prepare the Income Statement of Ibis Hotel in July 2019!

(b) Prepare the Balance Sheet Statement of Ibis Hotel at July 31, 2019!

Reference no: EM132735570

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Prepare the Balance Sheet Statement of Ibis Hotel at July

Reference no: EM132735570

Reference no: EM132735570

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