Jubail Industrial College

Department of Management & Information Technology

MIT 141 – Accounting I

Student Name: ……………………………………………….. Date: …………….. Mark

Student ID: ………………………….. Section: …………… Quiz # 4 / 7.5

Q.1 The trial balance of Jerry Co. for the year 2019 is given below: 7.5
Marks

Jerry Co.
Trial Balance
31-Dec-2019
Debit Credit
Cash $8,000
Accounts Receivable 8,700
Supplies 1,500
Equipment 11,000
Accounts Payable $9,500
Notes Payable 4,000
Owner’s Capital 15,000
Owner’s Drawings 3,800
Service Revenue 30,300
Salaries and Wages Expense 13,800
Rent Expense 12,000  
$58,800 $58,800
Instructions:

Prepare the following statements:

1. Income Statement for the year 2019.

2. Statement of Owner’s Equity for the year 2019.

3. Balance Sheet as at December 31, 2019.

Jerry Co.
Income Statement
31-Dec-2019
 Jerry Co.
Owner’s Equity
31-Dec-2019

Jerry Co.
Balance Sheet
31-Dec-2019