Consider the following worksheet for

J. Tull,

as of October 31 comma 201 X.October 31, 201X.

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From the completed worksheet, prepare

a.	an income statement for October.
b.	a statement of owner's equity for October
c.	a balance sheet as of October 31, 201 Upper X201X.

a. Prepare an income statement for

October

Begin by preparing the heading and then complete the rest of the statement.

	J. Tull
	Income Statement
	For the Month Ended October 31, 201X

	Revenue:
	Revenue from Clients		$46
	Operating Expense:
	Rent Expense	$10
	Wage Expense	14
	Store Supplies Expense	2
	Insurance Expense	1
	Depreciation Expense, Store Equipment	4
	Total Operating Expenses		31
	Net income		$15

b. Prepare a statement of owner's equity for

October

Start with the heading and then complete the rest of the statement. (There were no new investments from the owner during the accounting period.)

	J. Tull
	Statement of Owner's Equity
	For the Month Ended October 31, 201X

	J. Tull, Capital, October 1, 201X			$5
	Net Income for October		15
	Less:	Withdrawals for October	(1)
	Increase	in Capital		14
	J. Tull, Capital, October 31, 201X			$19

c. Prepare the balance sheet. Start with the heading, then complete the asset portion of the statement, and lastly, complete the liabilities and owner's equity sections of the statement. (For the asset portion of the statement, select the

long-term

asset account(s) last.)

	J. Tull
	Balance Sheet
	October 31, 201X

	Assets
	Cash			$13
	Accounts Receivable			5
	Prepaid Insurance			9
	Store Supplies			7
	Store Equipment		$11
	Less:	Accumulated Depreciation, Store Equipment
	Total assets

J. Tull
Worksheet
Month Ended October 31, 201X
		Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
	Account Titles	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
	Cash	13				13				13
	Accounts Receivable	5				5				5
	Prepaid Insurance	10			1	9				9
	Store Supplies	9			2	7				7
	Store Equipment	11				11				11
	Accumulated Depreciation, Store Equipment		1		4		5				5
	Accounts Payable		13				13				13
	J. Tull, Capital		5				5				5
	J. Tull, Withdrawals	1				1				1
	Revenue from Clients		46				46		46
	Rent Expense	10				10		10
	Wage Expense	6		8		14		14
	Totals	65	65
	Depreciation Expense, Store Equipment			4		4		4
	Insurance Expense			1		1		1
	Store Supplies Expense			2		2		2
	Wages Payable				8		8				8
	Totals			15	15	77	77	31	46	46	31
	Net Income							15			15
	Totals							46	46	46	46

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