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Kohl's Home Repair Trial Balance May 31,20-- Account Debit Balance Credit Balance ...

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Question

Accounting

Kohl's Home Repair

Trial Balance

May $31, 20 - -$

Account Debit

Balance Credit

Balance

Cash $23, 570$

Accounts Receivable $2, 700$

Office Supplies $200$

Prepaid Insurance $1, 100$

Equipment $8, 000$

Van $8, 000$

Accounts Payable $4, 500$

Wilhelm Kohl, Capital $30, 000$

Wilhelm Kohl, Drawing $2, 000$

Service Fees $13, 000$

Rent Expense $900$

Wages Expense $700$

Phone Expense $200$

Gas and Oil Expense $130$

Totals $47, 500 47, 500$

Required:

Determine the following information. Use the format provided below.

$1 .$ a $.$ Total revenue for the month $fill in the blank $1$

$13, 000$

b $.$ Total expenses for the month $fill in the blank $2$

$1, 930$

c $.$ Net income for the month $fill in the blank $3$

$11, 070$

$2 .$ a $.$ Wilhelm Kohl's original investment in the business $fill in the blank $4$

$30, 000$

$+$ Net income for the month $fill in the blank $5$

$11, 070$

$-$ Owner's drawing fill in the blank $6$

$2, 000$

Increase $($ decrease $)$ in capital fill in the blank $7$

$9, 070$

$=$ assests liabilites $+$ Owner equity

Answer & Explanation Solved by verified expert

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