Question

Trial Balance

		Debit	Credit
1.	Cash	70,000
2.	Account Receivable	16,500
3.	Prepaid Insurance	2,500
4.	Supplies	13,000
5.	Equipment	16,000
6.	Accounts Payable		15,000
7.	Unearned Revenue		11,400
8.	Notes Payable		22,300
9.	Capital		49,000
10.	Drawings	1,500
11.	Service Revenue		55,000
12.	Salaries Expense	15,000
13.	Utilities Expense	4,000
14.	Rent Expense	11,900
15.	Supplies Expense	2,300
		152,700	152,700

Income Statement

Revenues
Service Revenue		55,000
Total Revenues		55,000
Expanses
Salaries Expense	15,000
Utilities Expense	4,000
Rent Expense	11,900
Supplies Expense	2,300
Total Expenses		33,200
Net Income		21,800

Owner’s Equity Statement

Opening Capital	49,000
Net Income	21,800
Subtotal	70,800
Drawing	1,500
Ending Capital	69,300

Balance Sheet

Assets
Cash	70,000
Account Receivable	16,500
Prepaid Insurance	2,500
Supplies	10,000
Equipment	28,000
Total Assets	127,000

Liabilities
Accounts Payable	15,000
Unearned Revenue	11,400
Notes Payable	22,300
Capital	69,300
Total Liabilities	118,000

Trying to prepare a financial statement for the trial balance transactions, can someone point to me where is my mistake or what I did wrong in my answer.. the balance sheet is not even. thanks.

Note: Feel free to modify or substitute any entry in the trial balance if needed.

Answer 1

Answer-1)-

INCOME STATEMENT
PARTICULARS		AMOUNT
		$
Service Revenue		55000
Less-Expenses
Rent expense	11900
Supplies expense	2300
Utilities expense	4000
Salaries expense	15000
Total expenses		33200
Net profit		21800

2)-

STATEMENT OF OWNER'S EQUITY
Particulars		Amount
		$
Opening capital balance		49000
Add- Net income		21800
Less- Drawings		1500
Closing capital balance		69300

3)-

BALANCE SHEET
Assets		Amount
		$
Current Assets		102000
Cash	70000
Accounts receivable	16500
Prepaid insurance	2500
Supplies	13000
Non Current Assets
Equipment		16000
Total Assets		118000
Liabilities
Current liabilities		26400
Accounts payable	15000
Unearned revenue	11400
Long term liabilities
Notes payable		22300
Owner's Equity		69300
Owner's capital
Total liabilties and owner's equity		118000