Use the adjusted trial balance figures to prepare a balance

Use the adjusted trial balance figures to prepare a balance sheet.

ADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE DEBIT CREDIT 44,195.00 8,080.00 715.00 1,600.00 1,225.00 14,500.00 1Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 660.00 895.00 325.00 3,210.00 42,300.00 10,500.00

Solution

Income Statement Fees Earned 40,000.00 Expenses Salary Expense 1,705.00 Rent Expense 1,600.00 Supplies Expense 1,370.00 Depreciation Expense 330.00 Insurance Expense 275.00 Miscellaneous Expense 1,295.00 6,575.00 Net income 33,425.00 Balance Sheet Assets Current Assets Cash 44,195.00 Accounts Receivable 8,080.00 Supplies 715.00 Prepaid Rent 1,600.00 Prepaid Insurance 1,225.00 55,815.00 Office Equipment 14,500.00 Less Accumulated Depreciation 660.00 13840.00 Total Assets 69655.00 Liabailities And Equities Current Liabilities Accounts Payable 895.00 Salaries Payable 325.00 Unearned Fees 3210.00 4430.00 Equity Kelly Pitney, Capital 65,225.00 Total Liabailities And Equities 69,655.00 Statement of Equity Kelly Pitney, Capital 42,300.00 Add Net Income 33,425.00 Less Kelly Pitney, Drawing 10,500.00 Kelly Pitney, Capital 65,225.00