REQUIRED:• Statement of Comprehensive Income• Statement of Financial Position• Statement of Change’s in Owner’s Equity 10:06cdn.fbsbx.comDone2. JE3. Posting4. Trial Balance5. Worksheet6. AJEDateAccount / RemarksDr.Cr.16/2/19 Cash20,000Sales20,000to record cash sales26/3/19 Accounts Receivable15,000Sales15,000I to recore sales on accountCost of SalesMerchandise Inventory"To record COS (under perpetual inventory system)12,00012,00036/5/19 Cash15,000Accounts Receivable|# to record collection of credit sales last June 315,0006/7/19 Computer EquipmentAccounts Payable# to record purchase of Comp Equipment on account425,00025,00056/9/19 Purchases35,000Cash35,000# to record purchase of inventory via cash6.6/15/19 Cash4,500Loss on sale of Computer TableComputer tableW to record sale of computer table5005,00076/17/19 Owner's Drawing5,000Cash5,000# to record cash withrawal from owner8.6/20/19 Salaries Expense3,000Cash3,000# to record Salaries paid6/22/19 Purchases50,000Accounts Payable# to record purchases on account50,000106/30/19 Bad Debt Expense2,000Allowance for doubtful accounts2,000# to record estimated uncollectible receivableDepreciation ExpenseAccumulate Depreciation - OE# to record depreciation of Office EquipmentAJE500500Supplies ExpenseOffice Supplies# to record supplies used750750Amortization Expense450Accumulated Amortization - CS450# to record amortization of computer softwareFurnituresOwner's Drawings5,0005,000# to correct entry last Jun 17

Financial statements are those statements which are prepared at the end of accounting period. The…

Answered: REQUIRED: • Statement of Comprehensive…

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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REQUIRED: • Statement of Comprehensive Income • Statement of Financial Position • Statement of Change’s in Owner’s Equity

10:06
cdn.fbsbx.com
Done
2. JE
3. Posting
4. Trial Balance
5. Worksheet
6. AJE
Date
Account / Remarks
Dr.
Cr.
1
6/2/19 Cash
20,000
Sales
20,000
to record cash sales
2
6/3/19 Accounts Receivable
15,000
Sales
15,000
I to recore sales on account
Cost of Sales
Merchandise Inventory
"To record COS (under perpetual inventory system)
12,000
12,000
3
6/5/19 Cash
15,000
Accounts Receivable
|# to record collection of credit sales last June 3
15,000
6/7/19 Computer Equipment
Accounts Payable
# to record purchase of Comp Equipment on account
4
25,000
25,000
5
6/9/19 Purchases
35,000
Cash
35,000
# to record purchase of inventory via cash
6.
6/15/19 Cash
4,500
Loss on sale of Computer Table
Computer table
W to record sale of computer table
500
5,000
7
6/17/19 Owner's Drawing
5,000
Cash
5,000
# to record cash withrawal from owner
8.
6/20/19 Salaries Expense
3,000
Cash
3,000
# to record Salaries paid
6/22/19 Purchases
50,000
Accounts Payable
# to record purchases on account
50,000
10
6/30/19 Bad Debt Expense
2,000
Allowance for doubtful accounts
2,000
# to record estimated uncollectible receivable
Depreciation Expense
Accumulate Depreciation - OE
# to record depreciation of Office Equipment
AJE
500
500
Supplies Expense
Office Supplies
# to record supplies used
750
750
Amortization Expense
450
Accumulated Amortization - CS
450
# to record amortization of computer software
Furnitures
Owner's Drawings
5,000
5,000
# to correct entry last Jun 17

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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