Solution-Prepare the income statement and statement of

Prepare the income statement and statement of owner equity

Reference no: EM133128037

Question - Feather light travelling trains has completed all of its journal entries and adjusting entries for the month of October 2019. The adjusted trial balance as shown below. Note: during the month of October, the owner of feather light travelling trains invested $9750 into the business.

Feather light travelling trains

Adjusted trial balance

October 31, 2019

Cash: $8520 DR

Accounts receivable: $7930 DR

Prepaid insurance: $1320 DR

Equipment: $64380 DR

Accumulated depreciation-equipment: $1180 CR

Accounts payable: $9440 CR

Interest payable: $120 CR

Unearned revenue: $5220 CR

Bank loan: $15840 CR

Murray, Capital: $49910 CR

Murray, with drawls: $1780 DR

Service revenue: $5680 CR

Advertising expense: $470 DR

Depreciation expense: $280 DR

Insurance expense: $210 DR

Interest expense: $500 DR

Rent expense: $2000 DR

TOTAL: $87390

Required - Prepare the income statement, statement of owner's equity, and balance sheet.

Reference no: EM133128037

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Prepare the income statement and statement of owner equity

Reference no: EM133128037

Reference no: EM133128037

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