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Planet Realty Unadjusted Trial Balance August 31, 2015...

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Accounting

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Planet Realty Unadjusted Trial Balance August 31, 2015 Debit Balances Creditt Balances Cash 20,150 Supplies 1.250 Accounts Payable 1.150 17.500 1.800 13,300 3,000 Rafael Masey, Capital Rafael Masey, Drawing Fees Earned Rent Expense Office Salaries Expense Automobile Expense Supplies Expense Miscellaneous Expense 2.800 1.500 1.050 400 31.950 31.950 eBook Show Me How Calculator 4. Determine the following: a. Amount of total revenue recorded in the ledger. $ 13,300 b. Amount of total expenses recorded in the ledger. 8,750 Amount of net income for August. 4,550 5. Determine the increase or decrease in owner's equity for August 1,550 X Increase Feedback 4. Look at the ending balance for each revenue and expense account Add all expense account amounts together to obtain a total used to calculate: Revenue Expenses - Net Income (Loss). 5. Compare the ending balance of the owner's equity to the beginning balance of owner's equity. Recall that owner's equity increases with revenues and decreases with expenses and withdrawals, Put another way, net income (los) is the net change in all assets and liabilities from operating (revenue and expense) transactions that increases or decreases owner's equity

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