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Business
Accounting
Particulars Debit Credit CASH 100,000   INVENTORY 124,500   ACCOUNTS RECEIVABLES 12,000   SHORT TERM INVESTMENT 25,000   FURNITURE 100,000   BUILDING 500,000   UNEARNED REVENUE   27,000 ACCOUNTS PAYABLE   9,000 ACC.DEP.PLANT-FURNITURE   5,000 ACC.DEP.BUILDING   6,000 EQUITY   200,000 CONSULTANCY REVENUE   650,000 REPAIR EXPENSE 2,000   RENT EXPENSE 3,500   INSURANCE EXPSNES 1,000   OTHER GENERAL EXPNSE 1,200   UTILITY EXPENSE 6,000   SALARIES EXPENSE 10,000   INTEREST EXPENSE 800   DEPRECIATION EXPENSE 11,000   SALARIES PAYABLE   2,000 TOTAL 897,000 897000 Required Income Statement Statement of Owner’s Equity Balance Sheet

Particulars Debit Credit CASH 100,000   INVENTORY 124,500   ACCOUNTS RECEIVABLES 12,000   SHORT TERM INVESTMENT 25,000   FURNITURE 100,000   BUILDING 500,000   UNEARNED REVENUE   27,000 ACCOUNTS PAYABLE   9,000 ACC.DEP.PLANT-FURNITURE   5,000 ACC.DEP.BUILDING   6,000 EQUITY   200,000 CONSULTANCY REVENUE   650,000 REPAIR EXPENSE 2,000   RENT EXPENSE 3,500   INSURANCE EXPSNES 1,000   OTHER GENERAL EXPNSE 1,200   UTILITY EXPENSE 6,000   SALARIES EXPENSE 10,000   INTEREST EXPENSE 800   DEPRECIATION EXPENSE 11,000   SALARIES PAYABLE   2,000 TOTAL 897,000 897000 Required Income Statement Statement of Owner’s Equity 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

Particulars

Debit

Credit

CASH

100,000

 

INVENTORY

124,500

 

ACCOUNTS RECEIVABLES

12,000

 

SHORT TERM INVESTMENT

25,000

 

FURNITURE

100,000

 

BUILDING

500,000

 

UNEARNED REVENUE

 

27,000

ACCOUNTS PAYABLE

 

9,000

ACC.DEP.PLANT-FURNITURE

 

5,000

ACC.DEP.BUILDING

 

6,000

EQUITY

 

200,000

CONSULTANCY REVENUE

 

650,000

REPAIR EXPENSE

2,000

 

RENT EXPENSE

3,500

 

INSURANCE EXPSNES

1,000

 

OTHER GENERAL EXPNSE

1,200

 

UTILITY EXPENSE

6,000

 

SALARIES EXPENSE

10,000

 

INTEREST EXPENSE

800

 

DEPRECIATION EXPENSE

11,000

 

SALARIES PAYABLE

 

2,000

TOTAL

897,000

897000

Required

  • Income Statement
  • Statement of Owner’s Equity
  • Balance Sheet

 

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