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a. 19,000 b. (2,100) (1,400) 1,300 (2,100) (650) 9. (150) Bal. 13,900 + C. d. e. Cash + f. Revenues: AccoumS Receivable Service fees Expenses: Rent expense Net income 2,200 Feedback 2,200 + ✓ + omce Supplies 4,500 4,500 8 + + Trepara Insurance 1,400 1,400 = Accounts Payable 2,400 Required: Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20--. Jay Pembroke Income Statement For Month Ended April 30, 20-- ✓ (2,100) 300 + + Capital 19,000 19,000 Drawing 150 150 + Revenues Expenses + 3,500 3,500 - - 650 650 Check My Work First, consider what is included in an Income Statement. Then use the transaction information gathered and summarized in the accounting equation to prepare the statement. Description Service fees Rent expense

a. 19,000 b. (2,100) (1,400) 1,300 (2,100) (650) 9. (150) Bal. 13,900 + C. d. e. Cash + f. Revenues: AccoumS Receivable Service fees Expenses: Rent expense Net income 2,200 Feedback 2,200 + ✓ + omce Supplies 4,500 4,500 8 + + Trepara Insurance 1,400 1,400 = Accounts Payable 2,400 Required: Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20--. Jay Pembroke Income Statement For Month Ended April 30, 20-- ✓ (2,100) 300 + + Capital 19,000 19,000 Drawing 150 150 + Revenues Expenses + 3,500 3,500 - - 650 650 Check My Work First, consider what is included in an Income Statement. Then use the transaction information gathered and summarized in the accounting equation to prepare the statement. Description Service fees Rent expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. 19,000 b. (2,100) C. (1,400) d. 1,300 (2,100) (650) 9. (150) Bal. 13,900 + e. Cash + f. Accounts Receivable Service fees Expenses: Rent expense Net income 2,200 Feedback + omce Supplies ✓ 4,500 2,200 + 4,500 + 8 + Trepaid Insurance 1,400 1,400 = Accoume Payable 2,400 (2,100) Required: Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20--. Jay Pembroke Income Statement For Month Ended April 30, 20-- Revenues: ✓ 300 + + Capital 19,000 19,000 Drawing 150 150 + Revenues Expenses + 3,500 3,500 - 650 650 Check My Work First, consider what is included in an Income Statement. Then use the transaction information gathered and summarized in the accounting equation to prepare the statement. Description Service fees Rent expense
Transcribed Image Text:a. 19,000 b. (2,100) C. (1,400) d. 1,300 (2,100) (650) 9. (150) Bal. 13,900 + e. Cash + f. Accounts Receivable Service fees Expenses: Rent expense Net income 2,200 Feedback + omce Supplies ✓ 4,500 2,200 + 4,500 + 8 + Trepaid Insurance 1,400 1,400 = Accoume Payable 2,400 (2,100) Required: Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20--. Jay Pembroke Income Statement For Month Ended April 30, 20-- Revenues: ✓ 300 + + Capital 19,000 19,000 Drawing 150 150 + Revenues Expenses + 3,500 3,500 - 650 650 Check My Work First, consider what is included in an Income Statement. Then use the transaction information gathered and summarized in the accounting equation to prepare the statement. Description Service fees Rent expense
Income Statement Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $19,000. b. Bought office supplies for $4,500: $2,100 in cash and $2,400 on account. c. Paid one-year insurance premium, $1,400. d. Earned revenues totaling $3,500: $1,300 in cash and $2,200 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,100. f. Paid office rent for the month, $650. g. Withdrew cash for personal use, $150. The effect of each transaction is shown in the individual accounts of the expanded accounting equation. Assets a. 19,000 b. (2,100) (1,400) 1,300 (2,100) (650) 9. (150) Bal. 13,900 + C. d. e. Cash + f. (Items Owned) Accounts Receivable 2,200 + 2,200 + Office Supplies 4,500 + 4,500 + Prepaid Insurance 1,400 1,400 = Liabilities + (Amts. Owed) = Accounts Payable 2,400 (2,100) + 300 + (Owner's Investment) J. Pembroke, Capital 19,000 19,000 Required: Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20--. Jay Pembroke Income Statement Car Manth Endad Amil 20 20 Owner's Equity - J. Pembroke, Drawing 150 150 + (Earnings) +Revenues - Expenses 3,500 3,500 - 650 650 Description Service fees Rent expense
Transcribed Image Text:Income Statement Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $19,000. b. Bought office supplies for $4,500: $2,100 in cash and $2,400 on account. c. Paid one-year insurance premium, $1,400. d. Earned revenues totaling $3,500: $1,300 in cash and $2,200 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,100. f. Paid office rent for the month, $650. g. Withdrew cash for personal use, $150. The effect of each transaction is shown in the individual accounts of the expanded accounting equation. Assets a. 19,000 b. (2,100) (1,400) 1,300 (2,100) (650) 9. (150) Bal. 13,900 + C. d. e. Cash + f. (Items Owned) Accounts Receivable 2,200 + 2,200 + Office Supplies 4,500 + 4,500 + Prepaid Insurance 1,400 1,400 = Liabilities + (Amts. Owed) = Accounts Payable 2,400 (2,100) + 300 + (Owner's Investment) J. Pembroke, Capital 19,000 19,000 Required: Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20--. Jay Pembroke Income Statement Car Manth Endad Amil 20 20 Owner's Equity - J. Pembroke, Drawing 150 150 + (Earnings) +Revenues - Expenses 3,500 3,500 - 650 650 Description Service fees Rent expense
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