Professional Documents
Culture Documents
From the information given below, prepare a November income statement, a November
statement of owner’s equity, and a November 30 balance sheet. On November 1 of the current
year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On
November 30, her records showed the following (alphabetically arranged) items and amounts.
$12,00
Accounts payable……………. 0 Office furnishings……….. $40,000
Accounts receivable………. 23,000 Owner's withdrawals……. 6,000
Cash……………………… 17,200 Rent expense…………… 3,600
Fees earned………………. 30,000 Salaries expense………. 6,200
Notes payable………………… 4,250 Telephone expense……. 250
Answer: