1. The preparation of the Income Statement for Bernick's Consulting is as follows:
Bernick's Consulting
<h3>Income Statement </h3>
For the Month Ended January 31, 20--
Consulting Fees 401 $1,700
Wages Expense 511 1,400
Rent Expense 521 750
Phone Expense 525 65
Utilities Expense 533 115
Miscellaneous Expense 549 40 $2,370
Net income $670
2. The preparation of the Owner's Equity for Bernick's Consulting is as follows:
Bernick's Consulting
<h3>Owner's Equity</h3>
As of January 31, 20--
Diane Bernick, Capital 311 $11,000
Diane Bernick, Drawing 312 (450)
Net loss (670)
Owner's equity $9,880
3. The preparation of the Balance Sheet for Bernick's Consulting is as follows:
Bernick's Consulting
<h3>Balance Sheet</h3>
As of January 31, 20--
<h3>Assets:</h3>
Cash 101 $9,730
Office Supplies 142 200
Office Equipment 181 1,300
Total assets $11,230
<h3>Liabilities and equity:</h3>
Accounts Payable 202 $1,350
Owner's equity 9,880
Total liabilities and equity $11,230
<h3>Data: </h3>
Bernick’s Consulting
<h3>Trial Balance</h3>
January 31, 20--
ACCOUNT TITLE ACCOUNT NO. DEBIT CREDIT
Cash 101 $9,730
Office Supplies 142 200
Office Equipment 181 1,300
Accounts Payable 202 $1,350
Diane Bernick, Capital 311 11,000
Diane Bernick, Drawing 312 450
Consulting Fees 401 1,700
Wages Expense 511 1,400
Rent Expense 521 750
Phone Expense 525 65
Utilities Expense 533 115
Miscellaneous Expense 549 40
Totals 14,050 14,050
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