Preparing a worksheet and using it to calculate net income The trial balance of Telegraphic Link, Inc., at November 30, follows:
|
TELEGRAPHIC LINK, INC. Trial Balance November 30, 2012 |
||
|
|
Balance |
|
|
Account |
Debit |
Credit |
|
Cash |
$ 4,000 |
|
|
Accounts receivable |
3,200 |
|
|
Prepaid rent |
1,900 |
|
|
Supplies |
3,000 |
|
|
Equipment |
34,800 |
|
|
Accumulated depreciation |
|
$ 1,600 |
|
Accounts payable |
|
5,400 |
|
Salary payable |
|
|
|
Common stock |
|
15,700 |
|
Retained earnings |
|
20,000 |
|
Dividends |
2,100 |
|
|
Service revenue |
|
8,600 |
|
Depreciation expense |
|
|
|
Salary expense |
1,700 |
|
|
Rent expense |
|
|
|
Utilities expense |
600 |
|
|
Supplies expense |
|
|
|
Total |
$51,300 |
$51,300 |
Additional information at November 30, 2012:
a. Accrued service revenue, $600.
b. Depreciation, $300.
c. Accrued salary expense, $800.
d. Prepaid rent expired, $500.
e. Supplies used, $100.
Requirements
1. Complete Telegraphic Link’s worksheet for the month ended November 30, 2012.
2. How much was net income for November?