Question

25 entries question with journal , ledger ,trial balance , trading account, profit/loss and balance sheet with solutions for project ​

Answer 1

transactions in Statement of Accounts

Explanation:

Profit & Loss Statement for Company XYZ, for the year ended July 31, 2020.

                      Total Revenue                        $100,000

                      Cost of Goods Sold               ($ 20,000)

                      Gross Profit                             $ 80,000

                      (less)Operating Expenses    

                                                  Salaries          $15,000  

                                                  Rent               $10,000

                                                 Utilities            $10,000

                        Total Operating Expenses    ($ 30,000)

                         Net Profit                                $ 30,000

The above mentioned is a format of statement of accounts in which some transactions are listed.

In a trial balance two column debit and credit transactions are recorded after which a Profit and loss account is made.

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