On October 1, Diondre Shabazz organized a new consulting firm called Tech Talk.

Question

On October 1, Diondre Shabazz organized a new consulting firm called Tech Talk. On October 31, the company's records show the following accounts and amounts. Use the information given below to prepare an October statement of retained earnings for Tech Talk.

Cash $12,614 Dividends $2,000
Accounts Receivable 25,648 Consulting Fees Earned 25,620
Office Supplies 4,903 Rent Expense 6,859
Land 69,388 Salaries Expense 12,405
Office Equipment 27,147 Telephone Expense 560
Accounts Payable 12,070 Miscellaneous Expenses 280
Common Stock 124,114

Explanation / Answer

An October statement of retained earnings for Tech Talk

Revenues:
Consulting Fees Earned 25,620

Expenses:
Rent Expense 6,859
Salaries Expense 12,405
Telephone Expense 560
Miscellaneous Expenses 280
Total Expenses =20104

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