Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2016, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Account Title Debits Credits Cash 28,000 Accounts Receivable 69,600 Supplies 4,600 Prepaid Insurance 2,500 Building 439,500 Accumulated Depreciation – building 44,200 Accounts Payable 11,700 Salaries Payable 3,000 Unearned Rent 2,000 Stacy Tanner, Capital 373,800 Stacy Tanner, Drwaing 12,000 Service Fees 718,000 Rent Revenue 12,000 Salaries Expense 522,100 Rent Expense 48,000 Supplies Expense 10,800 Depreciation Expense – Building 8,750 Utilities Expense 7,150 Repairs Expense 3,000 Insurance Expense 2,500 Miscellaneous Expense 6,200 Total 1,164,700 1,164,700
Chapter 4 Problems
PR 4-2A Financial statements and closing entries ObJ. 2, 3
Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2016, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows:
|
Account Title |
Debits |
Credits |
|
Cash |
28,000 |
|
|
|
69,600 |
|
|
Supplies |
4,600 |
|
|
Prepaid Insurance |
2,500 |
|
|
Building |
439,500 |
|
|
|
|
44,200 |
|
Accounts Payable |
|
11,700 |
|
Salaries Payable |
|
3,000 |
|
Unearned Rent |
|
2,000 |
|
Stacy Tanner, Capital |
|
373,800 |
|
Stacy Tanner, Drwaing |
12,000 |
|
|
Service Fees |
|
718,000 |
|
Rent Revenue |
|
12,000 |
|
Salaries Expense |
522,100 |
|
|
Rent Expense |
48,000 |
|
|
Supplies Expense |
10,800 |
|
|
Depreciation Expense – Building |
8,750 |
|
|
Utilities Expense |
7,150 |
|
|
Repairs Expense |
3,000 |
|
|
Insurance Expense |
2,500 |
|
|
Miscellaneous Expense |
6,200 |
|
|
Total |
1,164,700 |
1,164,700 |
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