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Material Type: Assignment; Class: Records & Business Planning I; Subject: Agriculture Business Mgmt; University: Morgan Community College; Term: Unknown 1989;
Typology: Assignments
1 / 3
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The transactions you entered into the T Accounts could also be entered into the form below (this has been done for you).
Assets = Liabilities + Owner’s Equity Cash
DR
= Operating Loan CR
Accounts Payable CR
CR
DR
Part 1: From the totals in the form above complete the Trial Balance
Business Owner Trial Balance, September 1, xxxx
Debit Credit Cash
Equipment
Accounts Payable
Operating Loan
Owner’s Equity, Capital Owner’s Equity, Withdrawals Income
Expense
Totals
====================== ======================
Part 2: Construct an Income Statement using the information above. Lines have been added to guide your entries.
Business Owner Income Statement Year to Date, September 1, xxxx
Income _____________________
Operating Expenses
Office Supplies ____________________ Utilities ____________________ Total Operating Expense ______________________ Net Income ______________________