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Hipster Optical Trial Balance May 31, 2017 Acct. No Account Title Debit Credit 101   Cash $ 17,700 106   Accounts receivable 7,680 124   Office supplies 5,600 128   Prepaid insurance 9,020 163   Office equipment 24,800 201   Accounts payable $ 1,520 230   Unearned service revenue 7,000 301   Peeta Black, capital 55,500 302   Peeta...

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Accounting

Hipster Optical
Trial Balance
May 31, 2017
Acct.NoAccount TitleDebitCredit
101  Cash$17,700
106  Accounts receivable7,680
124  Office supplies5,600
128  Prepaid insurance9,020
163  Office equipment24,800
201  Accounts payable$1,520
230  Unearned service revenue7,000
301  Peeta Black, capital55,500
302  Peeta Black, withdrawals1,400
403  Services revenue21,200
623  Wages expense14,200
640  Rent expense3,500
690  Utilities expense1,320
  
  Totals$85,220$85,220

  
Required:
Using the trial balance provided above, prepare an income statementand statement of changes in equity for the first month ended May31, 2017, and a balance sheet at May 31, 2017.

  

  

   

  
Analysis Component:
Upon review of the trial balance, the balance at May 31, 2017 forutilities expense is $1,320. Create a journal entry that might havecreated this balance. Create a second entry when the May utilitybill is to be paid in the next month. (If no entry isrequired for a transaction/event, select "No journal entryrequired" in the first account field.)


The balance in the utilities expense account could have arisen onaccount of one of the following entries.

Answer & Explanation Solved by verified expert
4.3 Ratings (530 Votes)
Hipster Optical Income Statement For the Month Ended May 31 2017 Services revenue 21200 Less Expenses Wages expense 14200 Rent expense 3500 Utilities expense 1320 Total expense 19020 Net    See Answer
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