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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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The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business. A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner's Equity Accounts Wages Common Retained Cash Inventory Equipment Payable Payable Stock Earnings 1 $55,000 $55,000 2 (6,000) $6,000 $23,000 $23,000 4 1,250 $1,250 (750) (750) 6 600 (600) 7 $3,000 (3,000) 8 3,100 3,100 200 (200) 10 (1,000) 1,000 Ending Balance $4 B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 C. Create the statement of owner's equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity For the Month Ended July 31 Ending Balance
Transcribed Image Text:The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business. A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner's Equity Accounts Wages Common Retained Cash Inventory Equipment Payable Payable Stock Earnings 1 $55,000 $55,000 2 (6,000) $6,000 $23,000 $23,000 4 1,250 $1,250 (750) (750) 6 600 (600) 7 $3,000 (3,000) 8 3,100 3,100 200 (200) 10 (1,000) 1,000 Ending Balance $4 B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 C. Create the statement of owner's equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity For the Month Ended July 31 Ending Balance
D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet July 31 Assets: Total Assets Liabilities: Total Liabilities Owner's Equity: Total Owner's Equity Total Liabilities and Owner's Equity
Transcribed Image Text:D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet July 31 Assets: Total Assets Liabilities: Total Liabilities Owner's Equity: Total Owner's Equity Total Liabilities and Owner's Equity
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