Prepare Income statement, owner's Equity and Balance sheet for Freeman Co. for the year ended on Jun 30, 2017 (Note the balance sheet does not balance) Cash Sales 12,600 14,700 23,000 Insurance expense 168,000 Prepaid insurance 25,300 Interest expense 20,500 Depreciation expenses- showroom 6,000 4,000 Accumulated depreciation -Showroom 18,000 35,000 Building 21,800 Showroom Account receivable 15,500 Account payable Fright Out Sales commission 70,000 Rent expense 48,000 Rent revenue 10,500 Sales discount 5,400 7,000 40,000 Unearned rent 9,000 Sales return 150,000 Retain carning 20,000 Office supplies 15,000 Office supplies expense Owner's investment Owner's drawing Merchandise inventory on Jun 30 2017 22,000 5,600 Cost of merchandise sold 85,600 Bank loan (Final payment due in 2025) 20,000 Land 30,000

Prepare Income statement, owner's Equity and Balance sheet for Freeman Co. for the year ended on Jun 30, 2017 (Note the balance sheet does not balance) Cash Sales 12,600 14,700 23,000 Insurance expense 168,000 Prepaid insurance 25,300 Interest expense 20,500 Depreciation expenses- showroom 6,000 4,000 Accumulated depreciation -Showroom 18,000 35,000 Building 21,800 Showroom Account receivable 15,500 Account payable Fright Out Sales commission 70,000 Rent expense 48,000 Rent revenue 10,500 Sales discount 5,400 7,000 40,000 Unearned rent 9,000 Sales return 150,000 Retain carning 20,000 Office supplies 15,000 Office supplies expense Owner's investment Owner's drawing Merchandise inventory on Jun 30 2017 22,000 5,600 Cost of merchandise sold 85,600 Bank loan (Final payment due in 2025) 20,000 Land 30,000

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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