Reference no: EM132770873
Feather Light Travelling Trains has completed all of its journal entries and adjusting entries for the month of December 2019. The adjusted trial balance is shown below. Note: during the month of December, the owner of Feather Light Travelling Trains invested $7,800 into the business.
Feather Light Travelling Trains
Adjusted Trial Balance
December 31, 2019Account Titles
Cash $ 8,240(DR)
Accounts Receivable $ 7,650(DR)
Prepaid Insurance $ 1,990(DR)
Equipment $ 64,330(DR)
Accumulated Depreciation-Equipment $ 1,810(CR)
Accounts Payable $ 9,420(CR)
Interest Payable $ 100(CR)
Unearned Revenue $ 5,170(CR)
Bank Loan $ 15,560(CR)
Murray, Capital $ 49,340(CR)
Murray, Withdrawals $ 1,720(DR)
Service Revenue $ 5,460(CR)
Advertising Expense $ 330(DR)
Depreciation Expense $ 290(DR)
Insurance Expense $ 270(DR)
Interest Expense $ 500(DR)
Rent Expense $ 1,540(DR)
Total $ 86,860(DR) $ 86,860(CR)
Problem 1: Prepare the income statement, statement of owner's equity, and balance sheet.