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A list of accounts and their balances of O’Neill’s Psychological Services, at its year end July...

A list of accounts and their balances of O’Neill’s Psychological Services, at its year end July 31, 2021, is presented below:

Supplies $790
Unearned Revenue 1,070
Supplies Expense 5,930
Cash 6,435
Accounts Receivable 7,335
Accounts Payable 9,100
Rent Expense 10,840
Notes Payable 22,750
Salaries Expense 45,000
T. O’Neill, Drawings 57,300
Equipment 58,550
T. O’Neill, Capital 65,300
Service Revenue 93,960

Prepare statement of owner’s equity. (List items that increase owner's equity first.)

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Expert Solution

O’Neill’s Psychological Services
Statement of Owner’s Equity
For the Year Ended July 31, 2021
$
T. O’Neill, Capital, July 31, 2020          65,300.00
Add: Net income          32,190.00
         97,490.00
Less: Withdrawals during the year (57,300.00)
T. O’Neill, Capital, July 31, 2021          40,190.00
Explanation
O’Neill’s Psychological Services
Income Statement
For the Year Ended July 31, 2021
$ $
Revenue:
Service revenue          93,960.00
Total Revenue           93,960.00
Less Expenses:
Salaries expense          45,000.00
Supplies Expenses            5,930.00
Rent expense          10,840.00
Total Expenses           61,770.00
Net Income (Loss) 32,190.00

ekkarill92 answered 1 year ago
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