Question

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The trial balance for Benner Hair Salon on March 31 is as follows:

I NEED HELP WITH THE OWNERS EQUITY AND BALANCE SHEET

Benner Hair Salon

ADJUSTED TRIAL BALANCE

March 31, 20--

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	4,440.00
2	Supplies	150.00
3	Prepaid Insurance	2,354.00
4	Equipment	10,507.00
5	Accumulated Depreciation, Equipment		1,000.00
6	Accounts Payable		240.00
7	A. Benner, Capital		13,449.00
8	A. Benner, Drawing	1,500.00
9	Salon Fees		6,230.00
10	Wages Expense	1,036.00
11	Rent Expense	650.00
12	Utilities Expense	130.00
13	Repair Expense	65.00
14	Miscellaneous Expenses	87.00
15	Totals	20,919.00	20,919.00

	Data for month-end adjustments are as follows:
a.	Expired or used-up insurance, $300.
b.	Depreciation expense on equipment, $500.
c.	Wages accrued or earned since the last payday, $235 (owed and to be paid on the next payday).
d.	Supplies remaining at the end of the month, $65.

	Required:
1.	Complete a work sheet for the month.
2.	Journalize the adjusting entries.
3.	Prepare an income statement, a statement of owner’s equity, and a balance sheet. Assume that no additional investments were made during March.

Answer 1

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