Complete the balance sheet with the data provided in the pictures. 1. Prepare Asset section (left side) List asset accounts and account balances Total asset amounts 2. Prepare Liabilities section (right side) List liability accounts and account balances Total liability amounts 3. Prepare Owner's Equity section (right side below liabilities) List owner's Capital and ENDING account balance 4. Total liabilities and owner's equity on same row as total assets. Do Assets = Liabilities + Owner's Equity?
Complete the balance sheet with the data provided in the pictures. 1. Prepare Asset section (left side) List asset accounts and account balances Total asset amounts 2. Prepare Liabilities section (right side) List liability accounts and account balances Total liability amounts 3. Prepare Owner's Equity section (right side below liabilities) List owner's Capital and ENDING account balance 4. Total liabilities and owner's equity on same row as total assets. Do Assets = Liabilities + Owner's Equity?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Complete the
| 1. Prepare Asset section (left side) | ||
|
List asset accounts and account balances
|
||
| Total asset amounts | ||
|
2. Prepare Liabilities section (right side)
|
||
|
List liability accounts and account balances
|
||
| Total liability amounts | ||
|
3. Prepare Owner's Equity section (right side below liabilities)
|
||
|
List owner's Capital and ENDING account balance
|
||
|
4. Total liabilities and owner's equity on same row as total assets.
|
||
|
Do Assets = Liabilities + Owner's Equity?
|
Transcribed Image Text:1
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ADJUSTMENTS
INCOME STATEMENT
CREDIT
TRIAL BALANCE
BALANCE SHEET
ACCOUNT TITLE
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
DEBIT
CREDIT
1 Cash
19,266.00
19,266.00
1
2 Account Receivable - New 2 You
1,541.00
1,541.00
3 Accounts Receivable - All Eyes Promotions
4 Computer Equipment
3.
2,500.00
2,500.00
4
5 Office Equipment
1,050.00
1,050.00
5
6 Account Payable - Pro Advertising
650.00 6
2,236.00 |7
650.00
7 Accounts Payable - Auto Doctor
8 Joe Smith, Capital
2,236.00
20,550.00
20,550.00 8
9 Joe Smith, Drawing
1,000.00
(1,000.00) 9
10 Income Summary
10
11 Delivery Sales
12 Advertising Expense
4,345.00
4,345.00
11
275.00
275.00
12
13 Maintenance Expense
14 Rent Expense
15 Utilities Expense
724.00
724.00
13
1,000.00
1,000.00
14
425.00
425.00
15
16 Total
27,781.00
27,781.00
2,424.00
4,345.00
24,357.00
22,436.00 16
17 Net Income
1,921.00
1,921.00 17
18 Total
4,345.00
4,345.00
24,357.00
24,357.00 18
19
19
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