Evaluate the financial status of my icecream business chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know??? Event1235678910General JournalCashCommon StockMachineryCashNotes Payable ($30,000 - $10,000)Prepaid RentCashSuppliesAccounts PayableCashSalesAccounts ReceivableSalesSalaries ExpenseCashUtilities ExpenseUtilities PayableNotes PayableInterest ExpenseCash ($10,000+ $100)CashAccounts Receivable$69$$69$$69$$$$$$Debit100,00030,00012,0007,00012,0008,00014,0004,00010,0001004,000SSSS65SSSSSSS65Credit100,00010,00020,00012,0007,00012,0008,00014,0004,00010,1004,000

Journal Entry - Journal entry is the recording of business transaction in books of account, this is…

Answered: Evaluate the financial status of my…

Evaluate the financial status of my icecream business chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know???

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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Question

Evaluate the financial status of my icecream business chills and fruit by looking at the general journal. Is my business making a profit or operating at a loss? and how do you know???

Event
1
2
3
5
6
7
8
9
10
General Journal
Cash
Common Stock
Machinery
Cash
Notes Payable ($30,000 - $10,000)
Prepaid Rent
Cash
Supplies
Accounts Payable
Cash
Sales
Accounts Receivable
Sales
Salaries Expense
Cash
Utilities Expense
Utilities Payable
Notes Payable
Interest Expense
Cash ($10,000+ $100)
Cash
Accounts Receivable
$
69
$
$
69
$
$
69
$
$
$
$
$
$
Debit
100,000
30,000
12,000
7,000
12,000
8,000
14,000
4,000
10,000
100
4,000
S
S
S
S
65
S
S
S
S
S
S
S
65
Credit
100,000
10,000
20,000
12,000
7,000
12,000
8,000
14,000
4,000
10,100
4,000

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