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    Rus Company was organized on April 1, 2020 and provided its adjusted trial balance showing assets of $23,100 including cash of $6,700, accounts receivable of $600, and equipment of $15,000. Liabilities included notes payable of $5,000, accounts payable of $1,510, and salaries and wages payable of $400, with owner's capital of $14,000.

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    Financial Accounting

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    Rus Company was organized on April 1, 2020 and provided its adjusted trial balance showing assets of $23,100 including cash of $6,700, accounts receivable of $600, and equipment of $15,000. Liabilities included notes payable of $5,000, accounts payable of $1,510, and salaries and wages payable of $400, with owner's capital of $14,000.

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    33 views1 page

    Acctng 1

    Uploaded by

    Lily
    Rus Company was organized on April 1, 2020 and provided its adjusted trial balance showing assets of $23,100 including cash of $6,700, accounts receivable of $600, and equipment of $15,000. Liabilities included notes payable of $5,000, accounts payable of $1,510, and salaries and wages payable of $400, with owner's capital of $14,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Rus Company was organized on April 1, 2020.

    The company’s adjusted trial balance is shown


    below.

    Debit Credit
    Cash P 6,700
    Accounts Receivable 600
    Prepaid Rent 900
    Supplies 1,000
    Equipment 15,000
    Owner’s Drawings 600
    Salaries and Wages Expense 9,400
    Rent Expense 1,500
    Depreciation Expense 850
    Supplies Expense 200
    Utilities Expense 510
    Interest Expense 50
    Accumulated Depreciation - Equipment P850
    Notes Payable 5,000
    Accounts Payable 1,510
    Salaries and Wages Payable 400
    Interest Payable 50
    Unearned Rent Revenue 500
    Owner’s Capital 14,000
    Service Revenue 14,200
    Rent Revenue 800
    P37,310 P37,310

    Requirement: Using the given information, prepare the following financial statements.
    1. Income Statement
    2. Statement of Financial Position
    3. Statement of Owner’s Equity

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