Required:Determine the following information. Use the format provided below.1. a. Total revenue for the monthb. Total expenses for the monthc. Net Income for the month2. a. Wilhelm Kohl's original Investment in the business+ Net Income for the month- Owner's drawingIncrease (decrease) in capital= Ending owner's equity.b. End of month accounting equation:Assets=Liabilities+ Owner's Equity+Check My Work 4 mara Chack My Work usas remaining.0000 00= .com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSession LocatorNet Income and Change In Owner's EquityWilhelm Kohl started a business In May 20-- called Kohl's Home Repair. The trial balance showing balances for the month of May are shown.Kohl's Home RepairTrial BalanceMay 31, 20--CashAccountAccounts ReceivOffice SuppliesPrepaid InsuranceEquipmentVanTotalsAccounts Payablewilhelm Kohl, CapitalWilhelm Kohl, DrawingService FeesRent ExpenseWages ExpensePhone ExpenseGas and Oil ExpenseRequiredDebit CreditBalance Balance10,2402,6002001,0007,0008,0004,000Print hom8007002001604,00020,00010,90034,900 34,900

The net income or loss is calculated as difference between revenue and expenses. The capital balance…

quired: termine the following Information. Use the format provided below. a. Total revenue for the month b. Total expenses for the month c. Net Income for the month 2. a. Wilhelm Kohl's original Investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity. b. End of month accounting equation: Liabilities Assets = + Owner's Equity Check My Work 4 mara Chock My Work usas remaining. 0000 00

quired: termine the following Information. Use the format provided below. a. Total revenue for the month b. Total expenses for the month c. Net Income for the month 2. a. Wilhelm Kohl's original Investment in the business + Net Income for the month - Owner's drawing Increase (decrease) In capital = Ending owner's equity. b. End of month accounting equation: Liabilities Assets = + Owner's Equity Check My Work 4 mara Chock My Work usas remaining. 0000 00

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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Remaining TIme! Question Completion Status: QUESTION 1 Q7. Receiving cash in advance for services will be provided next month. This will have the following effects on the components of the basic accounting equation: increase assets and decrease owner's equity. increase liabilities and increase owner's equity. Ob. increase assets and increase owner's equity. Oc. increase assets and increase liabilities. Od. QUESTION 2 Posting: transfers journal entries to ledger accounts. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers LG
ship ootes NO 10:48 B entrepreneurshi. ASSIGNMENT TWO Number One a) Define the term contra entries? b) Distinguish between discount allowed and discount received? c) With relevant examples, discuss reasons why stakeholders value accounting processes? d) Explain the following terms as used in accounting? Working capital i. Long term liabilities iii, Non-current assets iv. Trial balance Number Two The following relate to Moses during the month of January 2004 Jan. 1" Balances brought forward: Cash shs 10,000 2nd Bought goods by cheque shs 10,000 4th Paid rent by cheque shs 5,000 6th Paid cash into bank shs 3,000 8th Sold goods and received cash shs 8,000 10 Withdrew cash from the business for his personal use shs 500 Shs 5, Bank 16h Received a cheque from Opio shs 5,000 20h Cash sales shs 2,000 27" Puid for wuges in cash shs ,000 28th Cash purchases shs 8,500 Required: a) Record the above transactions in Mose's two column cashbook and balance it b) Comment about the position of Moses…
Question 1 Assets Name It is the first day of the month. Record the impact of the following transactions in a journal using the equation method: A customer pays $1,000 for work that you completed last month and you reduce the balance of their account. You purchase furniture worth $6,100 by signing a note payable with a 12% annual interest rate; Even though you had not received a bill, last month you accrued a utilities expense of $1,800, when the bill arrives today you realize that your estimate was correct. When this is complete, also record all adjusting entries that would be needed at the end of the month in order to report financial statements. The furniture has a useful life of 5 years and no salvage value. At some point during the month you paid the utility bill. You estimate that you used $1,100 of utilities this month. Amount = Liabilities Name Amount + Equity Contributed Name Amount Earned Name Amount
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Completion Status: decrease Dotn asseTs and lfabilities. TION 6 ncurred Rent expenses that will be paid next month, This will have the following effects on the components of the basic accounting equation increase assets and increase liabilities. increase liabilities and decrease owner's equity. increase assets and decrease owner 's equity. increase assets and increase owner's equity. STION 7 TED:11. D.. Coin uah Offi lin + for C5000 +hn ave and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers LG