From the Information Given,prepare a November 30 Balance Sheet

question 58

Essay

From the information given,prepare a November 30 balance sheet.
On November 1 of the current year,Lois Bell began Lois Bell,Interior Design as a corporation with an initial investment of $50,000 cash.On November 30 her records showed the following (alphabetically arranged)selected accounts and amounts:
$\begin{array}{|l|r|l|r|}\hline\text { Accounts Payable } & \$ 12,000 & \text { Office furnishings } & \$ 40,000 \\\hline \text { Accounts Receivable } & 23,000 & \text { Dividends } & 6,000 \\\hline \text { Cash } & 17,200 & \text { Rent expense } & 3,600 \\\hline \text { Fees earned } & 30,000 & \text { Salaries expense } & 6,200 \\\hline \text { Notes payable } & 4,250 & \text { Telephone expense } & 250\\\hline\end{array}$

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