Question

Ben and Jerry are partners in a CPA firm (Ben & Jerry's, LLP). They depreciate the building and equipment over 39 and 7 years, respectively. Please prepare their partnership return for 2019 from the following trial balance.

Cash	377
Accounts receivable	37,052
Prepaid Insurance	1,045
Land	18,610
Building	103,422
Office equipment	13,326
Accumulated depreciation	-4,780
Accounts Payable	-815
Wages Payable	-3,529
Owners' Equity	-134,313
Consulting fees	-171,166
Wage expenses	123,000
Depreciation expense	4,780
Utilities expense	6,255
Life insurance	5,123
Parking fines	1,496
Miscellaneous	117

Answer 1