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Questions and Answers
Georgy Cafe prepared the following trial balance at its year end of January 31, 2021. The company is owned by ___________.
Bruce Georgy
The bank loan is payable over ___________ years in equal annual installments.
9
Georgy Cafe Statement of Owner's Equity For the Year Ended January 31, 2021 Georgy, Capital (Beginning) $_________.
30,460
Add: Net Income $_________.
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Less: Georgy, Withdrawals $_________.
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Georgy, Capital, January 31, 2021 $_________.
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The bank loan is payable over ___________ years in equal annual installments.
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Georgy Cafe prepared the following trial balance at its year end of January 31, 2021. The company is owned by ___________.
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Less: Georgy, Withdrawals $_________.
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Georgy, Capital, January 31, 2021 $_________.
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Georgy Cafe Statement of Owner's Equity For the Year Ended January 31, 2021 Georgy, Capital (Beginning) $_________.
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Add: Net Income $_________.
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Study Notes
Trial Balance
- Georgy Cafe prepared a trial balance at its year end of January 31, 2021
- The company is owned by Bruce Georgy
Accounts and Their Balances
- Cash: $14,900
- Accounts Receivable: $6,500
- Inventory-Food: $6,800
- Prepaid Expenses: $1,900
- Equipment: $40,400
- Accumulated Depreciation: $3,000
- Accounts Payable: $6,600
- Unearned Revenue: $5,700
- Bank Loan: $18,000 (payable over 9 years in equal annual installments)
- Georgy, Capital: $30,460 (opening balance)
- Georgy, Withdrawals: $1,200
- Sales Revenue: $53,940
- Gain on Sale of Equipment: $4,400
- Cost of Sales: $18,000
- Advertising Expense: $1,500
- Depreciation Expense: $3,000
- Interest Expense: $600
- Rent Expense: $14,400
- Salaries & Wages Expense: $12,900
Statement of Owner's Equity
- Beginning balance: $30,460
- Net income: to be calculated
- Less: Georgy, Withdrawals: $1,200
- Subtotal: to be calculated
- Georgy, Capital, January 31, 2021: to be calculated
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Description
Test your knowledge on interpreting a trial balance of Georgy Cafe as of January 31, 2021. Practice identifying account titles and their corresponding debit or credit balances.
