Cash Accounts receivable Land Accounts payable Salaries payable Unearned revenue $ 50,000 Services revenue. 45,000 Rental revenue. 65,000 Salaries expense 30,000 Insurance expense 2,000 Advertising expense 8,000 Income Statement $ 110,000 10,000 60,000 15,000 5,000

Cash Accounts receivable Land Accounts payable Salaries payable Unearned revenue $ 50,000 Services revenue. 45,000 Rental revenue. 65,000 Salaries expense 30,000 Insurance expense 2,000 Advertising expense 8,000 Income Statement $ 110,000 10,000 60,000 15,000 5,000

Name: Use the following select financial information to prepare a December
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Description: Use the following select financial information to prepare a December 31 income statement.CashAccounts receivableLand$ 50,000 Services revenue45,000 Rental revenue.65,000 Salaries expense30,000 Insurance expenseAccounts payableSalaries payable2,000 A

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Use the following select financial information to prepare a December 31 income statement.
Cash
Accounts receivable
Land
$ 50,000 Services revenue
45,000 Rental revenue.
65,000 Salaries expense
30,000 Insurance expense
Accounts payable
Salaries payable
2,000 Advertising expense
8,000
Unearned revenue
Income Statement
$ 110,000
10,000
60,000
15,000
5,000

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