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Business
Accounting
Cash       323,000 Accounts Receivable       70,000 Office Supplies on Hand       3,000 Notes Receivable       30,000 Computer Repair Equipment       250,000 Prepaid Rent       45,000 Office Furniture       120,000 Accounts Payable       220,000 Salaries Payable       18,000 Owner's Capital       500,000 Owner's Withdrawal       50,000 Service Revenue       253,000 Salary Expense       36,000 Transportation Expense       4,000 Depreciation Expense-Office furniture       24,000 Unearned Service Revenue       12,000 Office Supplies Expense       22,000 Prepaid Advertisement Expense       42,000 Taxes and Licenses       8,000 Bad Debts       3,500 Allowance for Doubtful Debts       3,500 Accumulated Depreciation-Office Furniture       24,000 Accumulated Depreciation-Computer Repair Equipment       50,000 Depreciation Expense-Computer Repair Equipment       50,000 Required: Prepare an Income Statement Prepare a Balance Sheet

Cash       323,000 Accounts Receivable       70,000 Office Supplies on Hand       3,000 Notes Receivable       30,000 Computer Repair Equipment       250,000 Prepaid Rent       45,000 Office Furniture       120,000 Accounts Payable       220,000 Salaries Payable       18,000 Owner's Capital       500,000 Owner's Withdrawal       50,000 Service Revenue       253,000 Salary Expense       36,000 Transportation Expense       4,000 Depreciation Expense-Office furniture       24,000 Unearned Service Revenue       12,000 Office Supplies Expense       22,000 Prepaid Advertisement Expense       42,000 Taxes and Licenses       8,000 Bad Debts       3,500 Allowance for Doubtful Debts       3,500 Accumulated Depreciation-Office Furniture       24,000 Accumulated Depreciation-Computer Repair Equipment       50,000 Depreciation Expense-Computer Repair Equipment       50,000 Required: Prepare an Income Statement Prepare a Balance Sheet

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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Question
Cash       323,000
Accounts Receivable
       70,000
Office Supplies on Hand
       3,000
Notes Receivable
       30,000
Computer Repair Equipment
       250,000
Prepaid Rent       45,000
Office Furniture
       120,000
Accounts Payable
       220,000
Salaries Payable
       18,000
Owner's Capital
       500,000
Owner's Withdrawal
       50,000
Service Revenue
       253,000
Salary Expense
       36,000
Transportation Expense
       4,000
Depreciation Expense-Office furniture
       24,000
Unearned Service Revenue
       12,000
Office Supplies Expense
       22,000
Prepaid Advertisement Expense
       42,000
Taxes and Licenses
       8,000
Bad Debts       3,500
Allowance for Doubtful Debts
       3,500
Accumulated Depreciation-Office Furniture
       24,000
Accumulated Depreciation-Computer Repair Equipment
       50,000
Depreciation Expense-Computer Repair Equipment
       50,000

Required:

  1. Prepare an Income Statement
  2. Prepare a Balance Sheet
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