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The Bike Doctor UNADJUSTED TRIAL BALANCE October 31, 20- ACCOUNT TITLE DEBIT CREDIT 1 Cash 14,539
The Bike Doctor UNADJUSTED TRIAL BALANCE October 31, 20- ACCOUNT TITLE DEBIT CREDIT 1 Cash 14,539.00 2,000.00 250.00 . 2,100.00 15,000.00 50.00 2 Bicycle Parts 3 Office Supplies 4 Accounts Payable 5 Sengel Moon, Capital 6 Sengel Moon, Drawing 7 Repair Fees 8 Wages Expense 9 Rent Expense 10 Phone Expense 11 Utilities Expense 740.00 600.00 300.00 38.00 48.00 12 Miscellaneous Expense 15.00 13 Totals 17,840.00 17,840.00 Required: 1. Prepare an income statement. 2. Prepare a statement of owner's equity. 3. Prepare a balance sheet
Expert Solution
| 1) | |
| The Bike Doctor | |
| Income Statement | |
| At the end of October 31, 20-- | |
| Repair Fees | $740 |
| Less: Expenses: | |
| Wages expense | ($600) |
| Rent expense | ($300) |
| Phone expense | ($38) |
| Utilities expense | ($48) |
| Miscellaneous expense | ($15) |
| Net Loss | ($261) |
| 2) | |
| The Bike Doctor | |
| Statement of Owner's Equity | |
| At the end of October 31, 20-- | |
| Sengel Moon, Capital | $15,000 |
| Less: Net loss | ($261) |
| Less: Sengel Moon, Drawings | ($50) |
| Total Owner's Equity | $14,689 |
| 3) | |
| The Bike Doctor | |
| Balance Sheet | |
| As on October 31, 20-- | |
| Cash | $14,539 |
| Bicycle Parts | $2,000 |
| Office Supplies | $250 |
| Total Assets | $16,789 |
| Accounts Payable | $2,100 |
| Total Owner's Equity | $14,689 |
| Total Liabilities and Owner's Equity | $16,789 |
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