1. PREPARE AN INCOME STATEMENT & BALANCE SHEET - TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BAL INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CASH 419,640.0 419,640.0 ACCOUNTS RECEIVABLE 30,000.0 30,000.0 SUPPLIES 10,000.0 1)8000 2,000.0 PREPAID INSURANCE 12,000.0 2)1000 11,000.0 OFFICE EQUIPMENT 40,000.0 40,000.0 ACCOUNTS PAYABLE 40,000.0 40,000.0 APEX, CAPITAL 500,000.0 500,000.0 APEX DRAWING 10,000.0 10,000.0 PURCHASES 85,000.0 85,000.0 PURCHASE RETURN 3,000.0 3,000.0 PURCHASE DISCOUNT 1,440.0 1,440.0 SALES 110,000.0 110,000.0 SALES DISCOUNT 800.0 800.0 SALARIES EXPENSE 30,000.0 30,000.0 TAXES EXPENSE 2,000.0 2,000.0 RENT EXPENSE 15,000.0 15,000.0 654,440.0 654,440.0 SUPPLIES EXPENSE 1)8000 8,000.0 INSURANCE EXPENSE 2)1000 1,000.0 DEPRICIATION EXPENSE 3)4000 4,000.0 ACCUMULATED DEPRICIATION 3)4000 4,000.0 MERCHANDISE INVENTORY 4)30,000 30,000.0 INCOME SUMMARY 4)30,000 30,000.0 688,440.0 688,440.0
1. PREPARE AN INCOME STATEMENT & BALANCE SHEET - TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BAL INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT CASH 419,640.0 419,640.0 ACCOUNTS RECEIVABLE 30,000.0 30,000.0 SUPPLIES 10,000.0 1)8000 2,000.0 PREPAID INSURANCE 12,000.0 2)1000 11,000.0 OFFICE EQUIPMENT 40,000.0 40,000.0 ACCOUNTS PAYABLE 40,000.0 40,000.0 APEX, CAPITAL 500,000.0 500,000.0 APEX DRAWING 10,000.0 10,000.0 PURCHASES 85,000.0 85,000.0 PURCHASE RETURN 3,000.0 3,000.0 PURCHASE DISCOUNT 1,440.0 1,440.0 SALES 110,000.0 110,000.0 SALES DISCOUNT 800.0 800.0 SALARIES EXPENSE 30,000.0 30,000.0 TAXES EXPENSE 2,000.0 2,000.0 RENT EXPENSE 15,000.0 15,000.0 654,440.0 654,440.0 SUPPLIES EXPENSE 1)8000 8,000.0 INSURANCE EXPENSE 2)1000 1,000.0 DEPRICIATION EXPENSE 3)4000 4,000.0 ACCUMULATED DEPRICIATION 3)4000 4,000.0 MERCHANDISE INVENTORY 4)30,000 30,000.0 INCOME SUMMARY 4)30,000 30,000.0 688,440.0 688,440.0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. PREPARE AN INCOME STATEMENT &
- | |
ADJUSTMENTS | ADJUSTED TRIAL BAL | INCOME STATEMENT | BALANCE SHEET | |||||
ACCOUNT TITLE | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT |
CASH | 419,640.0 | 419,640.0 | ||||||||
|
30,000.0 | 30,000.0 | ||||||||
SUPPLIES | 10,000.0 | 1)8000 | 2,000.0 | |||||||
PREPAID INSURANCE | 12,000.0 | 2)1000 | 11,000.0 | |||||||
OFFICE EQUIPMENT | 40,000.0 | 40,000.0 | ||||||||
ACCOUNTS PAYABLE | 40,000.0 | 40,000.0 | ||||||||
APEX, CAPITAL | 500,000.0 | 500,000.0 | ||||||||
APEX DRAWING | 10,000.0 | 10,000.0 | ||||||||
PURCHASES | 85,000.0 | 85,000.0 | ||||||||
PURCHASE RETURN | 3,000.0 | 3,000.0 | ||||||||
PURCHASE DISCOUNT | 1,440.0 | 1,440.0 | ||||||||
SALES | 110,000.0 | 110,000.0 | ||||||||
SALES DISCOUNT | 800.0 | 800.0 | ||||||||
SALARIES EXPENSE | 30,000.0 | 30,000.0 | ||||||||
TAXES EXPENSE | 2,000.0 | 2,000.0 | ||||||||
RENT EXPENSE | 15,000.0 | 15,000.0 | ||||||||
654,440.0 | 654,440.0 | |||||||||
SUPPLIES EXPENSE | 1)8000 | 8,000.0 | ||||||||
INSURANCE EXPENSE | 2)1000 | 1,000.0 | ||||||||
DEPRICIATION EXPENSE | 3)4000 | 4,000.0 | ||||||||
ACCUMULATED DEPRICIATION | 3)4000 | 4,000.0 | ||||||||
MERCHANDISE INVENTORY | 4)30,000 | 30,000.0 | ||||||||
INCOME SUMMARY | 4)30,000 | 30,000.0 | ||||||||
688,440.0 | 688,440.0 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education