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FINANCIAL ACCOUNTING
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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Please do this and show me how you did it if you can
Cash...... Supplies..... Prepaid Insurance ACCOUNTING 211 WORKSHEET NAME Kaylee Miller The balances in the ledger of Year-Round Services as of January 31, before adjustments, are as follows: $12,500 3,150 7,600 Day 2; Exam I · Part 2 Equipment. 42,000 .. Accumulated Depreciation.... 10,200 Miscellaneous Expense... 900 Retained Earnings...... $33,050 Dividends.. 3,000 Service Revenue... Salary Expense........ Rent Expense.............. Capital Stock....... 56 +25 50,500 28,600 4,000 8 000 Adjustment data are as follows: supplies on hand, January 31, $1,245; Insurance expired for January, $800; depreciation on equipment for January, $1,325; salaries accrued, January 31, $700. (a) Prepare a ten-column work sheet for Year-Round Services.for January. (b) On the basis of the work sheet in (a), present the following in good order. (1) income statement, (2) retained earnings statement, and (3) balance sheet. 75minates
Transcribed Image Text:Cash...... Supplies..... Prepaid Insurance ACCOUNTING 211 WORKSHEET NAME Kaylee Miller The balances in the ledger of Year-Round Services as of January 31, before adjustments, are as follows: $12,500 3,150 7,600 Day 2; Exam I · Part 2 Equipment. 42,000 .. Accumulated Depreciation.... 10,200 Miscellaneous Expense... 900 Retained Earnings...... $33,050 Dividends.. 3,000 Service Revenue... Salary Expense........ Rent Expense.............. Capital Stock....... 56 +25 50,500 28,600 4,000 8 000 Adjustment data are as follows: supplies on hand, January 31, $1,245; Insurance expired for January, $800; depreciation on equipment for January, $1,325; salaries accrued, January 31, $700. (a) Prepare a ten-column work sheet for Year-Round Services.for January. (b) On the basis of the work sheet in (a), present the following in good order. (1) income statement, (2) retained earnings statement, and (3) balance sheet. 75minates
ACCOUNT TITLE TRIAL BALANCE DEBIT CREDIT ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT I TT 2nd HYP Sir
Transcribed Image Text:ACCOUNT TITLE TRIAL BALANCE DEBIT CREDIT ADJUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT CREDIT INCOME STATEMENT DEBIT CREDIT BALANCE SHEET DEBIT CREDIT I TT 2nd HYP Sir
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