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prepare income statement and statement of retained earnings DEBIT CREDIT Cash ...

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Accounting

prepare income statement and statement of retained earnings
DEBIT
CREDIT
Cash
$66,500
Accounts Payable
$7,100
Accounts Receivable
$8,200
Accumulated Depreciation
$16,400
Advertising Expense
$5,500
Bank Loan
$24,000
Common Shares
$33,000
Depreciation Expense
$2,000
Dividends
$3,000
Equipment
$50,000
Insurance Expense
$1,200
Interest Expense
$800
Office Supplies
$1,400
Prepaid Insurance
$3,000
Rent Expense
$17,500
Repairs Expense
$3,300
Retained Earnings
$30,000
Salaries Expense
$34,700
Service Revenue
$82,400
Supplies Expense
$800
Unearned Revenue
$5,000 Financial Statements/Closing Entries
Note: Both options for this question use the following information:
OLeary Consultants has the following accounts in alphabetical at the end of the year. All accounts have a normal balance and the trial balance has been adjusted.
Option 1:
Prepare the income statement and statement of retained eamings. Ignore taxes.
$197,900
$197,900
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