Question

. Prepare a trial balance for a mowing business with the following transactions: Assets - Cash: 12745 Accounts receivable: 4590 Inventory: 270 Mowing equipment: 28950 Liabilities - Accounts payable: 10980 Bank overdraft: 1200 Equity - Owner capital: 25300 Owner drawing: 1800 Revenue - Mowing revenue: 12375 Expenses - Mulch: 650 Advertising: 850 Prepare a Balance Sheet from the trial balance.

Answer 1

Mowing Business Trial Balance For the period ending ... Paticulars Cash Accounts receivable Inventory Mowing equipment Accounts payable Bank overdraft Equity - Owner capital Owner drawing Revenue - Mowing revenue Mulch Advertising Totals Debit in $ Credit in $ 12745 4590 270 28950 10980 1200 25300 1800 12375 650 850 49855 49855 12375 Statement of Income For the period ending ... Revenue - Mowing revenue Less:Expenses Mulch Advertising Net Income 650 850 1500 10875 Statement of Owner's Equity For the period ending ... Equity - Owner capital Add:Net Income 25300 10875 36175 -1800 34375 Less:Owner Drawing

Amounts in $ Amounts in $ Balance sheet As at... Assets Current Assets Cash Accounts receivable Inventory Amounts in $ Amounts in $ Liabilities Current Liabilities 12745 Accounts payable 4590 Bank overdraft 270 17605 10980 1200 12180 Non Current Assets Mowing equipment Total Assets Owner's Equity 28950 Capital 46555 Total Liabilities & Equity 34375 46555