Using the images of the journal, make an income statement and balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Using the images of the journal, make an income statement and
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a243a2a-8917-4d1b-9209-a601bb3834f6%2F239b7e82-c64a-4e6c-8596-e2f67e9e0bb6%2Fxqftkxr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a243a2a-8917-4d1b-9209-a601bb3834f6%2F239b7e82-c64a-4e6c-8596-e2f67e9e0bb6%2Fx4f2vue_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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