Drag each account from the **Trial Balance** to its correct location in the **Income Statement** or **Balance Sheet**. When you are finished, click "Show Solution" to check your work.
Drag from here:
| Revenues | |
| Service Revenue | 8,000 |
| Total Revenues | 8,000 |
| Expenses | |
| Rent Expense | 3,000 |
| Wages Expense | 5,000 |
| Utilities Expense | 500 |
| Insurance Expense | 1,000 |
| Total Expenses | 9,500 |
| Net Income (Loss) | (1,500) |
| Assets | |
| Cash | 10,000 |
| Accounts Receivable | 5,000 |
| Supplies | 1,000 |
| Total Assets | 16,000 |
| Liabilities | |
| Accounts Payable | 5,500 |
| Total Liabilities | 5,500 |
| Equity | |
| Owner's Equity | 12,000 |
| Net Loss | (1,500) |
| Total Equity | 10,500 |
| Total Liabilities & Equity | 16,000 |
*Note: The **Net Loss** from the Income Statement ($1,500) is subtracted from the Owner's Equity on the Balance Sheet.