Question

eBook Calculator Financial Statements Diane Bernick opened Bernick's Consulting. Transactions for the month of January and trial balance at January 31 are shown. Jan. 1 Bernick invested cash in the business, $12,000. 2 Paid office rent, $750. 3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $950. 8 Paid phone bill, $85. 10 Paid for a magazine subscription (miscellaneous expense), $20. 11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $200. 18 Paid part-time employee, $600. 21 Received cash for services rendered, $800. 25 Paid utilities bill, $105. 27 Bernick withdrew cash for personal use, $400. 29 Pald part-time employee, $600. Bernick's Consulting Trial Balance January 31, 20-- DEBIT CREDIT ACCOUNT NO. BALANCE BALANCE ACCOUNT TITLE

Answer 1

(1) Bernick Consulting Income Statement For the month Ended January 31. 20.- particular Amount Amount: Revenue consulting fees 1750 - Expenses 1200 750 wages Expense Rent Expense phone Expense utilities Expense Miscellaneous Expense 85 105 20 (2160) Net loss (410) (2) Berrik consulting Statement of owners Equity For Month Ended January 31, 20 particulars Amount Amount 12000 NIL Diane Bernick capital lett, 20-... (Add) + : Investment by owner Total Investment Net loss o withdrawals by Diane Bemick (Drawing 12.000 (410) (400) (810) Diane Bernick Capital Jan 31,20-. 11190

(3) Bernick consulting Balance sheet January 31, 20 --- particulars Amount Amount. ASSETS Current Assets cash office supplies Total Current Assets (A) 10990 250 11240 property, plant and Equiptment office Equiptinent 1300 Total property, plant and Equipament 1300 Total Assets CA+B) 12540

LIABILITIES current liabilities. Account payable 1350 Total current leabilitia. (A) 1350 owner's Equity Diane Bernick capital (-) Net loss () Diane Bernick Drawing Total owner's Equity (8) Total 1Pabilities and owners Equity 12.000 (410) (4.00) 190 12540