| A-1 Photography Homework Assignment: Income Statement (Balance)
Adjusted Trial Balance Entries: (Month Ending September 30, 2006)
Service Revenue:
Photographic Service Revenue 4,700
Expenses: Adjusted Trial Balance Amount:
Salary Expense - 3,850
Rent Expense (Prepaid 3,600) 900
Utilities 275
Photographic Supplies Expense 749
Office Supplies Expense 105
Insurance Expense (Prepaid 2,400) 200
Photographic Equipment Depreciation Expense 400
Office Equipment Depreciation Expense 250
Vehicle Depreciation Expense 500
Gas and Oil Expense 200
Janitorial Expense 100
Advertising Expense 350
Interest Expense 100
Miscellaneous Expense 18
If you are to move the amounts over to the “Income Statement” from the
”Adjusted Trial Balance”. How is it possible to come up with an ending balance on “Income Statement” of $9,253. This is the answer to this assignment. I’m confused, please help me! Is the $9,253 net income balance or income statement balance? How is this possible?
Thank you in advance for your assistance
I have another question. This project is very confusing. Please help me! This project is due on Saturday, June 10th.
How is it possible to come up with the amount of $9,253 as net income on the income statement if expenses total $7,997 and service revenue total is $4,700. I thought that total service revenue is supposed to be higher than total expenses? All of my other accounts (trial balance, adjustments and adjusted trial balance) add up. The problem I am having is when I go to move the balances over to the income statement and balance sheet these balances do not add up. How is this possible?
Please help me, as I have been working on this project since Saturday of last week.
Balances:
Trial Balance : 141,180
Adjustments: 4,054
Adjusted Trial Balance: 149,780
Thank you!
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