ACCOUNT DR ($)CR ($)CASH290,135 ACCOUNTS RECEIVABLE1,000,000 ALLOWANCE FOR BAD DEBT 900,000MERCHANDISE INVENTORY1,134,900 STORE SUPPLIES55,000 PREPAID INSURANCE150,000 PREPAID RENT182,000 FURNITURE AND FIXTURES600,000 ACCUMULATED DEPRECIATION- FUNITURE & FIXTURES 59,000MOTOR TRUCK1,200,000 ACCUMULATED DEPRECIATION-MOTOR TRUCK 200,000ACCOUNTS PAYABLE 82,100SALARIES PAYABLE 101,400INTEREST PAYABLE 44,400UNEARNED SALES REVENUE 505,000LONG-TERM LOAN 950,000CAPITAL 2,900,000WITHDRAWALS125,000 SALES REVENUE 3,533,300SALES DISCOUNT100,500 SALES RETURNS AND ALLOWANCES105,500 COST OF GOODS SOLD1,000,000 SALARIES EXPENSE931,400 INSURANCE EXPENSE75,000 UTILITIES EXPENSE325,665 RENT EXPENSE182,000 DEPRECIATION EXPENSE-FURNITURES AND FIXTURES59,000 DEPRECIATION EXPENSE-MOTOR TRUCK200,000 STORE SUPPLIES EXPENSE7000 GAIN ON DISPOSAL OF OLD MOTOR TRUCK 58000BAD-DEPT EXPENSE55,000 INTEREST EXPENSE44,400 prepare an income statement

The first step in preparing an income statement is to identify the total revenue. In this case, the…

Answered: ACCOUNT DR ($) CR ($) CASH 290,135…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Related questions

Question

ACCOUNT	DR ($)	CR ($)
CASH	290,135
ACCOUNTS RECEIVABLE	1,000,000
ALLOWANCE FOR BAD DEBT		900,000
MERCHANDISE INVENTORY	1,134,900
STORE SUPPLIES	55,000
PREPAID INSURANCE	150,000
PREPAID RENT	182,000
FURNITURE AND FIXTURES	600,000
ACCUMULATED DEPRECIATION- FUNITURE & FIXTURES		59,000
MOTOR TRUCK	1,200,000
ACCUMULATED DEPRECIATION-MOTOR TRUCK		200,000
ACCOUNTS PAYABLE		82,100
SALARIES PAYABLE		101,400
INTEREST PAYABLE		44,400
UNEARNED SALES REVENUE		505,000
LONG-TERM LOAN		950,000
CAPITAL		2,900,000
WITHDRAWALS	125,000
SALES REVENUE		3,533,300
SALES DISCOUNT	100,500
SALES RETURNS AND ALLOWANCES	105,500
COST OF GOODS SOLD	1,000,000
SALARIES EXPENSE	931,400
INSURANCE EXPENSE	75,000
UTILITIES EXPENSE	325,665
RENT EXPENSE	182,000
DEPRECIATION EXPENSE-FURNITURES AND FIXTURES	59,000
DEPRECIATION EXPENSE-MOTOR TRUCK	200,000
STORE SUPPLIES EXPENSE	7000
GAIN ON DISPOSAL OF OLD MOTOR TRUCK		58000
BAD-DEPT EXPENSE	55,000
INTEREST EXPENSE	44,400