Question

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes...

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals.   

Cash
(a) 184,000 (b) 40,000
(d) 24,000 (e) 640
(g) 2,400 (h) 10,400
(i) 4,400
Equipment
(c) 74,000
Accounts Receivable
(f) 8,800 (g) 2,400
Accounts Payable
(c) 74,000
Supplies
(b) 40,000
Wade Wilson, Capital
(a) 184,000
Fees Income
(d) 24,000
(f) 8,800
Telephone Expense
(e) 640
Wade Wilson, Drawing
(i) 4,400
Salaries Expense
(h) 10,400

Required:
Prepare a trial balance and an income statement for Residential Relocators. The trial balance is for December 31, 2019, and the income statement is for the month ended December 31, 2019.

Complete this question by entering your answers in the tabs below.

  • Trial Balance
  • Income Statement

Prepare a trial balance for Residential Relocators for the month of December 31, 2019.
RESIDENTIAL RELOCATORS
Trial Balance
December 31, 2019
Account name Debit Credit
Totals
Business   Accounting   
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Homework Answers

Answer #1
Trial Balance as on 31.12.2019
Account Name Debit   Credit
Cash $ 154,960
Equipment $    74,000
Account Receivable $      6,400
Account Payable $    74,000
Supplies $    40,000
Wilson Wade, Capital $ 184,000
Fees Income $    32,800
Telephone Expenses $         640
Wade Wilson, Drawing $      4,400
Salaries $    10,400
Total $ 290,800 $ 290,800
Income Statement as on 31.12.2019
Description Debit   Description Credit
Telephone Expenses $       640 Fees Income $ 32,800
Salaries $ 10,400
Profit for the period (b/f) $ 21,760
$ 32,800 $ 32,800
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