FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 1, Problem 16QS
To determine
Introduction: The financial statements of a company include
To prepare: The statement of owner’s equity.
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Sample Worksheet
Work Sheet
For the Month Ended January 31, 2020
Trial Balance
Adjustments
Adj. T/Balance
Income Statement
Balance Sheet
Account Title
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
13,200
22,000
5,400
29,250
22,000
5,400
Cash
20,000 b-h
3,950
29,250
22,000
a
CD'S
Other Securities
5,400
Loan Payable
Owner' Equity
25,000
15,600 b
25,000
15,100
25,000
15,100
500
Revenue
a
20,000
20,000
20,000
Interest Income
Utilities expense
Internet & Telephone
Advertising Expense
C
300
300
300
150
150
150
e
300
300
300
Rent Expense
f
2,000
2,000
2,000
Supplies expense
450
450
450
Insurance expense
250
250
250
40,100
16,550
56,650
40,600
23,950
60,100
3,450
16,550
20,000
40,600
23,950
60,100
20,000
56,650
Net income
20,000
56,650
1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00.
2. Utilities Expense of $300.00 was paid on January 25.
3. Insurance expense of $250.00 was paid on January 27.
4. supplies for the month in the amount of $450.00 was purchased.
5. Rent for…
Need to fill out Owner's Equity
Required information
Problem 3-3A (Statle) Preparlng adjusting entrles, adjusted trlal balance, and financlal statements LO P1,
P2, P3, P4, P5
[The following information applies to the questions displayed below]
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to Individuals who pay tuition directiy to
the school. WTI also offers training to groups in off-site locations. WTI Initially records prepald expenses and uneamed
revenues In balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of
Items a through hthat require adjusting entries on December 31.
Addıtional Information
a. An analysis of WT's Insurance policles shows that $2,400 of coverage has explred.
b. An Inventory count shows that teaching supplies costing $2.800 are avallable at year-end.
C. Annual depreclation on the equlpment is $13,200.
d. Annual depreclation on the professional library is $7,200.
e. On September 1, WTI agreed to do five…
Chapter 1 Solutions
FUND.ACCT.PRIN.
Ch. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - This icon highlights assignments that enhance...Ch. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QS
Ch. 1 - Prob. 11QSCh. 1 - Identifying items with financial statements P2...Ch. 1 - P2
Classify each of the following items as...Ch. 1 - P2
Classify each of the following items as assets...Ch. 1 - Preparing an income statement P2...Ch. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 18QSCh. 1 - Prob. 19QSCh. 1 - Prob. 20QSCh. 1 - Prob. 21QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Prob. 24ECh. 1 - Prob. 25ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Prob. 7PSACh. 1 - Prob. 8PSACh. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 2PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - On October 1. 2019, Santana Rev launched a...Ch. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - A business reports its own office stationary on...Ch. 1 - Why is the revenue recognition principle needed?...Ch. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What events or transactions change equity?Ch. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - 21. Define net income and explain its...Ch. 1 - Identify the four basics financial statements of a...Ch. 1 - Prob. 23DQCh. 1 - 24. Give two examples of expenses a business might...Ch. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Prob. 28DQCh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Visit the EDGAR database at SEC.gov. Access the...Ch. 1 - Prob. 4BTN
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