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Lu Chang opened Chang Catering on May 1, 20X3. The adjusted trial balance for May 31,20X3, follows:
Chang Catering Adjusted Trial Balance May 31, 20X3
Ca4
Food Inventory Prepaid Expenses Equipment
$ 9,000
1,200 1,000 20,000
Accumulated Depreciation, Equipment
$ 800
Accounts Payable
2,000
Notes Payable
15,000
Lu Chang, Capital
10,000
Sales
20,500
Wages
7,500
Cost of Food Sold
5,200
Supplies Expense
800
Other Expenses
3,600
Total
$ 48,300
Required:
Question 1. Prepare an income statement.
Question 2. Prepare a balance sheet.
Question 3. Prepare the statement of owner's equity
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