Using the images of the journal, make an income statement and balance sheet 1-Feb InventoryCash4-Feb SuppliesAccounts payable4-Feb Utilities payableCash6-Feb Accounts payablecash12-Feb Salaries payableSalaries expenseCash8-Feb CashSales revenue8-Feb Cost of goods soldInventory10-Feb InventoryCash14-Feb CashUnearned service revenue15-Feb CashAccounts receivableService revenue24-Feb CashSales revenue24-Feb Cost of goods soldInventory26-Feb Salaries expensesCash2600500300330100020013504505504500590050012304361200600500300330120013504505504500640012304361200 Date26-Feb InventoryAccounts payable27-Feb CashSales revenue27-Feb Cost of goods soldInventory28-Feb CashAccounts receivableService revenue28-Feb CashAccounts receivable28-Feb Salary expensesDividendCashAdjustments28-Feb Depreciation expenses28-Feb Salary expensesSalary payablesAccumulated depreciation expenses28-Feb Supplies expensesSupplies payableDescription28-Feb Utilities expensesUtilities payable28-Feb Cost of goods soldInventory28-Feb Rent expensesPrepaid rent28-Feb Insurance expensesPrepaid insurance28-Feb Service revenueService revenueJournal3PostRef.Debit360580336556066096038006004520011323862061950250630Credit360580336622096044004520011323862061950250630

Income Statement An income statement displays the sales, expenditures, and profitability of a…

Answered: Using the images of the journal, make…

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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Using the images of the journal, make an income statement and balance sheet

1-Feb Inventory
Cash
4-Feb Supplies
Accounts payable
4-Feb Utilities payable
Cash
6-Feb Accounts payable
cash
12-Feb Salaries payable
Salaries expense
Cash
8-Feb Cash
Sales revenue
8-Feb Cost of goods sold
Inventory
10-Feb Inventory
Cash
14-Feb Cash
Unearned service revenue
15-Feb Cash
Accounts receivable
Service revenue
24-Feb Cash
Sales revenue
24-Feb Cost of goods sold
Inventory
26-Feb Salaries expenses
Cash
2
600
500
300
330
1000
200
1350
450
550
4500
5900
500
1230
436
1200
600
500
300
330
1200
1350
450
550
4500
6400
1230
436
1200

Date
26-Feb Inventory
Accounts payable
27-Feb Cash
Sales revenue
27-Feb Cost of goods sold
Inventory
28-Feb Cash
Accounts receivable
Service revenue
28-Feb Cash
Accounts receivable
28-Feb Salary expenses
Dividend
Cash
Adjustments
28-Feb Depreciation expenses
28-Feb Salary expenses
Salary payables
Accumulated depreciation expenses
28-Feb Supplies expenses
Supplies payable
Description
28-Feb Utilities expenses
Utilities payable
28-Feb Cost of goods sold
Inventory
28-Feb Rent expenses
Prepaid rent
28-Feb Insurance expenses
Prepaid insurance
28-Feb Service revenue
Service revenue
Journal
3
Post
Ref.
Debit
360
580
336
5560
660
960
3800
600
45
200
1132
386
206
1950
250
630
Credit
360
580
336
6220
960
4400
45
200
1132
386
206
1950
250
630

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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