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Prepare income statement for mad

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Reference no: EM132467649

 

Account Names

 

Account Names

2010

Accounts Payable

7420

Miscellaneous Expense

1120

Accounts Receivable

1910

Motor Vehicle

1460

Accumulated Depredation - Building

2020

Notes Payable

1520

Accumulated Depredation - Equipment

1150

Notes Receivable

1670

Accumulated Depredation - Motor vehide

3530

Ordinary Share Dividends Distributable

1130

Allowance for Doubtful Accounts

1400

Prepaid Insurance

6120

Bad Debt Expense

6180

Purchase Discounts

1450

Building

6210

Purchase Returns and Allowances

1050

Cash

6110

Purchases

7130

Depredation Expense - Building

7220

Insurance Expense

7150

Depreciation Expense - Equipment

3200

Retained Earnings

7180

Depredation Expense - Motor Vehicle

2140

Salaries Payable

2500

Dividends Payable

7400

Salaries Expense

1500

Equipment

4010

Sales Revenue

6410

Freight-in Expense

4120

Sales Returns and Allowances

6430

Freight-out Expense

3100

Share Capital - Ordinary

7330

Fuel Expense

3300

Share Capital - Preference

8240

Gain on Disposal

3150

Share Premium - Ordinary

9050

Interest Expense

3350

Share Premium - Preference

2350

Interest Payable

3950

Share Premium - Treasury

8200

Interest Revenue

1260

Supplies

1300

Land

7390

Supplies Expense

1800

Long-term Investment

3900

Treasury Shares

8340

Loss on Disposal

2190

Rental Contract Liability

1200

Merchandise Inventory

7320

Utilities Expense

 

 

3500

Income Summary

Above MAD CHART

Question (a) Prepare journal entries to record all necessary transactions for MAD Outdoors for December 2018 in the general journal.

Question (b) Prepare the Income Statement and Statement of Financial Position MAD Outdoors, in good form, for December 2018.

Reference no: EM132467649

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