Income statement and statement of owners equity

Assignment Help Accounting Basics

Reference no: EM133425513

Question: Indicate whether each of the following items below is an asset, Indicate whether each of the following items below is an asset, liability, revenue, expense,liability, revenue, expense, gain or loss account and whether it appears in the balance sheet or income statement or loss account and whether it appears in the balance sheet or income statement. a) Office furniturea) Office furniture b) Income from servicesb) Income from services c) Salaries paid to workersc) Salaries paid to workers d) Supplies on handd) Supplies on hand e) Salary payable to workerse) Salary payable to workers f) Cashf) Cash g) Income form sale of a used truckg) Income form sale of a used truck h) Goods damaged by fire in the storeh) Goods damaged by fire in the store

Given below is a list of selected transactions performed by John DéGiven below is a list of selected transactions performed by John Décor during the monthcor during the month of September 2002, the first month of operation September 2002, the first month of operation. a) Record the transactions in General Journala) Record the transactions in General Journal b) Post each entry to the perspective account. Use the four column account) Post each entry to the perspective account. Use the four column account.?? c) Prepare a trial balancec) Prepare a trial balance d) Prepare a worksheet. Assume the following adjustment for the accountd) Prepare a worksheet. Assume the following adjustment for the accounts and journalizes and journalize them. e) Prepare a Balance sheet, Income statement and statement of owner s equitye) Prepare a Balance sheet, Income statement and statement of owner's equity? f) close the temporary accounts) close the temporary accounts. Sept. 10 Mr. John transferred cash form his personal account to be used in the business, Sept. 10 Mr. John transferred cash form his personal account to be used in the business, Birr 10,000. Birr 10,000. 10 Paid rent for the month, Birr 500 10 Paid rent for the month, Birr 500?? 11 Purchased a truck for Birr 12,000 by paying Birr 3,000 Cash 11 Purchased a truck for Birr 12,000 by paying Birr 3,000 Cash?? and giving a notes and giving a notes payable for the difference for the difference.

12 Purchased equipment on account Birr 1,460. 12 Purchased equipment on account Birr 1,460.?? 13 Purchased supplies on account Birr 240. 13 Purchased supplies on account Birr 240.??

14 Paid insurance premiums of Birr 170 (Dr. prepaid insurance) 14 Paid insurance premiums of Birr 170 (Dr. prepaid insurance)?? 15 Received cash for services completed Birr 360. 15 Received cash for services completed Birr 360.?? 16 Purchased Supplies on account Birr 240. 16 Purchased Supplies on account Birr 240.?? 18 Paid salaries of Birr 900. 18 Paid salaries of Birr 900.?? 21 Paid its liabilities for the purchase of equipment 21 Paid its liabilities for the purchase of equipment?? 24 Recorded sales on account Birr 2,080 24 Recorded sales on account Birr 2,080?? 26 Received an invoice for truck expense Birr 115 26 Received an invoice for truck expense Birr 115?? 27 Paid utilities expense Birr 205. 27 Paid utilities expense Birr 205.?? 27 Paid miscellaneous expenses Birr 73. 27 Paid miscellaneous expenses Birr 73.?? 28 Received cash from customers on account birr 1,420 28 Received cash from customers on account birr 1,420?? 30 Paid salaries to employees Birr 950 30 Paid salaries to employees Birr 950?? 30. The owner withdrew Birr 1, 750 for personal use. 30. The owner withdrew Birr 1, 750 for personal use.??
The trial balance of Betty Beauty Saloon does not balance. The errorThe trial balance of Betty Beauty Saloon does not balance. The errors in the accountings in the accounting work are given below. Determine the correct balance of each account awork are given below. Determine the correct balance of each account and prepare thend prepare the corrected trial balance trial balance.
Betty Beauty SaloonBetty Beauty Saloon Trial balanceTrial balance April 30April 30
CachCach 5,902,902. Accounts ReceivableAccounts Receivable 6,300,300. SuppliesSupplies 1,600,600. EquipmentEquipment 5,200,200. Accounts payableAccounts payable 4,300,300. Betty capitalBetty capital 10,000,000. Service incomeService income 4,700,700. Operating expensesOperating expenses 1,980,980. Total Total 20,982,982 19,200,200.
Miscellaneous ExpenseMiscellaneous Expense 1,710,710 ________ 1,710,710 ________
Salary payableSalary payable 3,400,400.
Tax PayableTax Payable 1,225,225.
Ato Abay capitalAto Abay capital 41,245,245 41,245,245.
Ato Abay drawingAto Abay drawing 18,600,600 18,600,600.
Service incomeService income 261,200,200 261,200,200.
Salary ExpenseSalary Expense 172,300172,300 175,700,700.
Rent ExpenseRent Expense 18,000,000.
Supplies ExpenseSupplies Expense 5,315,315.
Depreciation Expense EquipmentDepreciation Expense Equipment 12,790,790.
Depreciation Expense AutomobileDepreciation Expense Automobile 8,650,650.
Utilities ExpenseUtilities Expense 4,700,700 5,120,120.
Taxes ExpenseTaxes Expense 1,5001,500 2,725,725.
Insurance ExpenseInsurance Expense 2,500,500.
Total Total 392,485,485 392,487,487 418,970,970 418,970,970

• DATE Account Debit Credit
• 10-Sep Cash 10,000.00
• Capital 10,000.00
• To record cash transferred to business
•
• DATE Account Debit Credit
• 10-Sep Rent expense 500.00
• Cash 500.00
• To record rent paid for the month of Sept
•
• DATE Account Debit Credit
• 11-Sep Truck 12,000.00
• Cash 3,000.00
• Note Payable 9,000.00
• To record truck purchased
•
• DATE Account Debit Credit
• 12-Sep Equipment 1,460.00
• Account Payable 1,460.00
• To record equipment bought on credit
•
• DATE Account Debit Credit
• 13-Sep Supplies expense 240
• Account Payable 240
• To record supplies bought on credit
•
• DATE Account Debit Credit
• 14-Sep Prepaid Insurance 170
• Cash 170
• To record prepaid insurance premium
•
• DATE Account Debit Credit
• 15-Sep Services Revenue 360
• Cash 360
• To record revenue received
•
• DATE Account Debit Credit
• 16-Sep Supplies expense 240
• Account Payable 240
• To record supplies bought on credit
•
• DATE Account Debit Credit
• 18-Sep Salaries Expense 900
• Cash 900
• To record salaries paid

Reference no: EM133425513

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