Ch. 3 Homework Part 2 P3-6 - Name Josue Ramirez Problem...

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Name: Josue Ramirez Problem: P3-6 Annual Adjusting Entries Date Account Titles and Explanation Debit Credit DEC. 31 1 Service Revenue 6000 Unearned Service Revenue 6000 2 Account Receivable 4900 Service Revenue 4900 3 Bad Debt Expense 1430 Allowance For Doubtful Acct. 1430 4 Insurance Expense 480 Pre Paid Insurance 480 5 Depreciation Expense 2500 Accum. Dep. Equipment 2500 6 Interest Expense 60 Interest Pay 60 7 Pre Paid Rent Expenses 750 Rent Expenses 750 8 Salaries & Wages Exp. 2510 Salaries & Wages Payable 2510
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Name: Josue Ramirez Problem: P3-6 Yorkis Perez, Consulting Engineer Income Statement For The Year Ended December 31, 2014 Service Revenue Expenses $98,900 Salaries & Wages Expenses 33,010 Rent Expense 9,000 Office Expense 720 Utilities Expense 1,080 Depreciation Expense 2,500 Bad Debt Expense 1,430 Insurance Expense 480 Interest Expense 60 Total Expenses 48,280 Net Income $50,620
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Name: Josue Ramirez Problem: P3-6 Yorkis Perez, Consulting Engineer Statement of Owner's Equity For The Year Ended December 31, 2014
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Unformatted text preview: Owner's Capital, January 1 Add: Net Income 50,620 Less: Withdrawals -17,000 Owner's capital, December 31 $85,630 $35,010 Withdrawals during the year 17,000 owner's Capital, as of January 1, 2013 $52,010 $52,010 (a) (a) Owner' s Capital - Trial Balance Name: Josue Ramirez Problem: P3-6 Yorkis Perez, Consulting Engineer Balance Sheet 31-Dec-14 ASSETS Current Assets -Cash $29,500 Accounts Receivable 54,500 Less: Allowance For Doubtful Accounts-2,180 52,320 Inventory 1,960 Prepaid Insurance 1,100 $84,880 Total Current Assets Equipment 25,000 Less: Accumulated Depreciation-8,750 16,250 Total Assests $101,130.00 LIABILITIES & OWNERS' EQUITY Current Liabilities - Notes Payable 7,200 Unearned Service Revenue 6,000 Salaries & Wages Payable 2,510 Interest Payable 60 $15,710 Owner's Capital 85,630 Total Liabilities & Owners' Equity $101,400.00...
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