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Based on the Following Adjusted Trial Balance, Prepare an Income \quad

Question 58

Essay

Based on the following adjusted trial balance, prepare an income statement for Summers Company for the year ended December 31, 2019. \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad Summers Company\text {Summers Company}
\quad \quad \quad \quad \quad \quad \quad \quad \quad Adjusted Trial Balance\text {Adjusted Trial Balance}
\quad \quad \quad \quad \quad \quad \quad \quad \quad \quad December 31, 2019\text {December 31, 2019}
 Debit  Credit  Cash $10,500 Accounts receivable 20,000 Supplies 2,700 Office fumiture 10,000 Accum. amort. -office furniture $4,350 Salary payable 760 Unearned service revenue 1,140 Jody Summers, Capital 12,550 Jody Summers, Withdrawals 2,800 Service revenue 40,060 Salary expense 8,360 Rent expense 2,850 Amort expense-office furn. 350 Supplies expense 1,300 Total $58,860$58,860\begin{array}{lrr} & \text { Debit } & \text { Credit } \\\text { Cash } & \$ 10,500 & \\\text { Accounts receivable } & 20,000 & \\\text { Supplies } & 2,700 & \\\text { Office fumiture } & 10,000 & \\\text { Accum. amort. -office furniture } & & \$ 4,350 \\\text { Salary payable } & & 760 \\\text { Unearned service revenue } & & 1,140 \\\text { Jody Summers, Capital } & & 12,550 \\\text { Jody Summers, Withdrawals } & 2,800 & \\\text { Service revenue } & & 40,060 \\\text { Salary expense } & 8,360 & \\\text { Rent expense } & 2,850 & \\\text { Amort expense-office furn. } & 350 & \\\text { Supplies expense } & \underline{1,300} &\underline{\quad\quad} \\ \text { Total } & \$ 58,860 & \$ 58,860\end{array}

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