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Chapter 2 Homework

Chapter 2 Homework - FNEC 140 Julianne Garrison Chapter 2...

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FNEC 140 Julianne Garrison Homework Chapter 2 Due: 8/31/06 Exercise 2-1: 1. Accounts payable, balance sheet, liability 2. Sales revenue, income statement 3. Accounts receivable, balance statement, asset 4. Advertising expense, income statement 5. Cash, balance sheet, asset 6. Supplies, balance sheet, asset 7. Consulting revenue, income statement 8. Land, balance sheet, asset 9. Capital stock, balance sheet, equity item 10. Rent expense, income statement 11. Equipment, balance sheet, liability 12. Interest receivable, balance sheet, asset 13. Mortgage payable, balance sheet, liability 14. Notes payable, balance sheet, liability 15. Buildings, balance sheet, asset 16. Salaries and Wages expense, income statement 17. Retained earnings, balance sheet, owners’ equity item 18. Utilities expense, income statement
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Exercise 2-6: Accounts payable $62,500 Accounts receivable 123,000 Buildings 418,500 Owners’ equity, 1/1/06 210,000 Cash 179,750 Distributions to owners during 2006 21,750 Supplies 3,750 Land 130,000 Mortgage payable 479,500 Net income for 2006 124,750 Owners’ equity, 12/31/06 Assets: Liabilities:
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