BloomFree is an organic floral shop. After its first quarter of operations, the company's accountant prepared the following adjusted trial balance, in alphabetical order. Use the adjusted trial balance to prepare a balance sheet and income statement in good form for BloomFree.
Debits Credits
Accounts payable $2,300
Accounts receivable $200
Bank loan for van 13,200
Cash 5,500
Common stock 1,000
Cost of goods sold 12,000
Delivery van 18,000
Gas for van 500
Tax expense 2,000
Insurance expense 1,000
Inventory 3,800
Prepaid insurance 1,000
Rent expense 1,500
Salaries expense 8,000
Sales 35,000
Taxes payable 2,000
Total $53,500 $53,500
