In: Accounting
Question 2: Yankee Hotel Foxtrot initiated operations on July 1, 2014. To manage the company officers and managers have requested monthly financial statements starting July 31, 2014. The adjusted trial balance amounts at July 31 are shown below.
Debits | Credits | ||
Cash | $7,680 | Accumulated Depreciation- | |
Equipment | $840 | ||
Accounts Receivable | 810 | Notes Payable | 6,000 |
Prepaid Rent | 1,965 | Accounts Payable | 2,140 |
Supplies | 1,160 | Salaries and Wages Payable | 360 |
Equipment | 11,400 | Interest Payable | 40 |
Owner's Drawings | 800 | Unearned Service Revenue | 580 |
Salaries and Wages Expense | 7,145 | Owner's Capital | 10,640 |
Rent Expense | 2,740 | Service Revenue | 14,390 |
Depreciation Expense | 665 | ||
Supplies Expense | 580 | ||
Interest Expense | 45 | ||
Total debits | $34990 | Total Credits | $34990 |
Instructions
(A) Determine the net income for the month of July
(B) Determine the amount for Owner’s, Capital at July 31, 2014
(C) Determine the Balance Sheet at July 31, 2014 for