chapter3worksheet

chapter3worksheet - DEMO 3-1: ACCOUNTING EQUATION Assets...

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Chapter 3 2 DEMO 3-1: ACCOUNTING EQUATION Assets = Liabilities Cash + Equipment Accounts Received Prepaid Rent Supplies = Notes Payable Unearned Revenue = 1 $20,000 = 2 10,000 = 10,000 3 (10,000) 10,000 = 4 5,500 = 5 2,400 = 2,400 6 (3,500) = 7 3,000 = 8 (3,600) 3,600 = 9 800 = 10 (1,900) = 11 (200) = $18,700 ## $10,000 ## $3,000 ## $3,600 ## $800 ## $10,000 ## $2,400 ## $36,100 Total Assets $36,100 Total Liabilities & Equity
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Chapter 3 2 + Equity Common Retained Accounts Payable + Stock + Earnings $20,000 5,500 Revenue (3,500) Expenses 3,000 Revenue 800 (1,900) Expenses (200) $800 # $20,000 ## $2,900 y
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Chapter 3 3 DEMO 3-1: JOURNAL ENTRIES Date Account Title Debit Credit 1 (Issued shares of stock for cash) Equipment 2 20000 10000 -10000 10,000 3 5500 2400 -3500 4 -3600 -1900 -200 5 18700 0 10000 (Received cash advance for future services) 36100 6 (Paid operating expenses) 7 (Performed services on account) 8 (Paid for one year's rent in advance) 9 (Purchased supplies on account) 10 (Paid salaries to date) 11
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Chapter 3 3 Date Account Title Debit Credit (Declared and paid cash dividend)
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This note was uploaded on 03/28/2009 for the course CSE 120A taught by Professor Healey during the Spring '08 term at UC Irvine.

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chapter3worksheet - DEMO 3-1: ACCOUNTING EQUATION Assets...

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