Preparing Financial Statements
Answer key to task 1
- Task 1: What belongs Where
- Answer key to task 1
- Task 2: Preparation of Balance Sheet
- Answer key to task 2
- Samples: Classified Financial Statements
The answer for question 1 is presented in the form of a trial balance.
T. Mott, DJ
Trial Balance
October 31, 1997
| Cash | $2,555 | Balance Sheet Accounts |
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| Accounts Receivable | 3,700 | ||||
| Office Supplies | 284 | ||||
| Prepaid Insurance | 1,000 | ||||
| Tapes | 3,000 | ||||
| Car | 12,300 | ||||
| Equipment | 30,000 | ||||
| Accounts Payable | 1,600 | ||||
| Bank Loan | 7,700 | ||||
| T. Mott, Capital | 18,735 | ||||
| T. Mott, Drawings | 9,500 | ||||
| Fees Earned | 29,990 | Income Statement Accounts |
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| Revenue from Repairs | 10,235 | ||||
| Advertising Expense | 2,880 | ||||
| Telephone Expense | 220 | ||||
| Repairs Expense | 1,876 | ||||
| Equipment Expense | 765 | ||||
| General Expense | 180 | ||||
| $68,260 | $68,260 | ||||
Adapted from: Meigs, W.B., R.F. Heigs, and W.P. Lam. Accounting: The Basis for Business Decisions. Toronto: John Deyell Co., 1985.