FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 2, Problem 7PSA
1.
To determine
Introduction: Income statement is prepared for the purpose of knowing the profitability of the period in question by matching the revenues with the expense.
:Net income of the business.
2.
To determine
Introduction: Statement of owner’s equity is prepared by adding the net income and additional investment made in the beginning balance of equity and then dividend paid is deducted from the total.
Equity balance by preparing the Statement of owner’s equity.
3.
To determine
Introduction: A
:Classified balance sheet of the business.
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GENERAL JOURNAL ENTRIES Diane Bernick has opened Bernick'sConsulting. Journalize the following transactions that occurred duringJanuary of the current year. Use the following journal pages: January 1-10, page 1; and January 11-29, page 2. Use the following chart ofaccounts: (attached)
Jan. 1 Bernick invested cash in the business, $12,000.2 Paid office rent, $750.3 Purchased office equipment on account, $1,300.
5 Received cash for services rendered, $950.8 Paid phone bill, $85.10 Paid for a magazine subscription (miscellaneous expense), $20.11 Purchased office supplies on account, $250.
15 Made a payment on account (see Jan. 3 transaction), $200.18 Paid part-time employee, $600.21 Received cash for services rendered, $800.
25 Paid utilities bill, $105.27 Bernick withdrew cash for personal use, $400.29 Paid part-time employee, $600.
Statement Of Owner's Equity
Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity using the following balances for April transactions.
Cash
$13,466
Accounts Receivable
2,028
Office Supplies
4,718
Prepaid Insurance
1,236
Accounts Payable
281
Jay Pembroke, Capital
18,760
Jay Pembroke, Drawing
131
Service Fees
3,336
Rent Expense
798
You will need to calculate the net income for April.
Statement of Owner's Equity
Statement Of Owner's Equity
Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity for April transactions.
If an amount is zero, enter "0".
Jay Pembroke
Statement of Owner's Equity
For Month Ended April 30, 20xx
Jay Pembroke, capital, April 1, 20xx
$fill in the blank 6a98780e504003a_2
Investment during April
fill in the blank 6a98780e504003a_4
Total investment
$fill in the blank 6a98780e504003a_5
Net income for April
$fill in the blank 6a98780e504003a_7…
USE THE FOLLOWING DATA FOR QUESTIONS 24
& 25
The Duke of Earl operates a catering enterprise. His accounting records at the end of
2008 included the following data:
ITEMS
EXPENSES
a. Office expenses :
b. Wages & Salaries
REVENUE
c. Commission Income
d. Rent Income
START OF THE
YEAR
a. $35,000
b. $45,000
c. $55,000
d. $65,000
Prepaid 5,000
Owed 10,000
a. $20,000
b. $24,000
c. $26,000
d. $30,000
Owed 3,000
Prepaid 7,000
DURING THE
YEAR
Paid 15,000
Paid 50,000
END OF THE
YEAR
Owed 2,500
Prepaid 5,000
Received 25,000
Received 12,000 Owed 1,000
Prepaid 2,000
24. The amount that must be shown in the income statement
as Wages & Salaries expense for
the year is
25. The amount that must be shown in the income statement as
Commission Income for the
year is
Chapter 2 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected $2,500...Ch. 2 - Liang Shue contributed $250,000 cash and land...Ch. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQ
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 16DQCh. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Analyzing account entries and balances A1 Use the...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Using transactions from the following assignments,...Ch. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - Prob. 3AACh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTN
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