The adjusted trial balance for Pharoah Fishing Centre is as
follows:
PHAROAH FISHING CENTRE
Adjusted Trial Balance
March 31, 2021
|
|
Debit
|
|
Credit
|
Cash |
$7,600 |
|
|
Interest receivable |
650 |
|
|
Supplies |
1,550 |
|
|
Long-term investments |
32,000 |
|
|
Land |
45,000 |
|
|
Building |
195,000 |
|
|
Accumulated depreciation—building |
|
|
$31,000 |
Equipment |
35,000 |
|
|
Accumulated depreciation—equipment |
|
|
17,500 |
Accounts payable |
|
|
6,500 |
Interest payable |
|
|
1,010 |
Unearned revenue |
|
|
2,100 |
Notes payable ($6,000 must be paid in February, 2022) |
|
|
65,800 |
R. Falkner, capital |
|
|
172,040 |
R. Falkner, drawings |
47,000 |
|
|
Service revenue |
|
|
125,600 |
Interest revenue |
|
|
1,200 |
Depreciation expense |
9,800 |
|
|
Interest expense |
4,050 |
|
|
Insurance expense |
4,700 |
|
|
Salaries expense |
29,500 |
|
|
Supplies expense |
5,800 |
|
|
Utilities expense |
5,100 |
|
|
|
$422,750 |
|
$422,750 |
Prepare an income statement
|