Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question #4 at the end of its first month of opera

QUESTION #4 At the end of its first month of operations, P. Raquet Temperature Services...

60.1K

Verified Solution

Question

Accounting

image
QUESTION #4 At the end of its first month of operations, P. Raquet Temperature Services has the following unadjusted trial balance information, with the accounts presented in alphabetical order. Credit $ Debit 22,000 $ 140,000 P. Raquet Temperature Services Trial Balance August 31, 2017 Debit Credit Accounts payable $ 2,400 Long-term investments Accounts receivable $ 2,800 Mortgage payable Accumulated depreciation - building 500 Prepaid insurance Accumulated depreciation - equipment 1,000 P. Raquet capital 150,000 Building P. Raquet, drawings Cash 5,400 Salaries expense Depreciation expense 1,500 Service revenue Equipment 60,000 Short-term investments Interest payable Supplies Land 50,000 Supplies expense 2,200 155,000 1,000 3,200 5,700 1,350 4,800 1,000 2,050 Part (a)(12 marks): Prepare, in proper format, the Income Statement and the Statement of Owner's Equity for the month ended August 31, 2017

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students