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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 47,50047,500
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
= Ending owner's equity

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