Answer:
Balance Sheet
$
Assets
Cash Balance 80,150
Equipment 40,000
Account Receivable 3,500
Supplies <u>23,000</u>
Total Assets <u>146,650</u>
Capital & Liabilities
Capital (Wade Wilson) 95,000
Drawings (Wade Wilson)(<u>2,500)</u>
Net Capital <u>92,500</u>
Fees Income 20,000
Expenses (5500+350) (<u>5,850)</u>
Net Income <u>14,150</u>
Accounts Payable <u> 40,000</u>
Total Capital & liabilities <u>146,650</u>
Explanation:
Trial Balance $ $
Cash Balance 80,150
Equipment 40,000
Account Receivable 3,500
Accounts Payable 40,000
Supplies 23,000
Capital (Wade Wilson) 95,000
Fees Income 20,000
Telephone Expense 350
Drawings (Wade Wilson) 2500
Salaries <u>5500 </u> <u> </u>
Total <u>155,000 </u> <u> 155,000</u>
Balance Sheet
$
Assets
Cash Balance 80,150
Equipment 40,000
Account Receivable 3,500
Supplies <u>23,000</u>
Total Assets <u>146,650</u>
Capital & Liabilities
Capital (Wade Wilson) 95,000
Drawings (Wade Wilson)(<u>2,500)</u>
Net Capital <u>92,500</u>
Fees Income 20,000
Expenses (5500+350) (<u>5,850)</u>
Net Income <u>14,150</u>
Accounts Payable <u> 40,000</u>
Total Capital & liabilities <u>146,650</u>