Chapter 4 - 1 | C h a p t e r 4 C o m p l e t i n g t h e A...

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C h a p t e r 4 C o m p l e t i n g t h e A c c o u n t i n g C y c l e | 1 . أﺃ ﺎ௾ﻳھப஬ﻫ يﻱرﺭﻘﻣﻟاﺍ Chapter 4: Completing the Accounting Cycle Learning Objective 2 Prepare financial statements from adjusted account balances. From chapter 3 NetSolutions Adjusted Trail Balance December 31, 2011 Debit Balances Credit Balances Cash …………………………………………………………………………… 2,065 Account receivable …………………………………………………… 2,720 Supplies ……………………………………………………………………… 760 Prepaid insurance ……………………………………………………… 2,200 Land …………………………………………………………………………… 20,000 Office equipment ……………………………………………………… 1,800 Accumulated depreciation – office equipment … 50 Account payable ……………………………………………………… 900 Wages Payable ………………………………………………………… 250 Unearned rent ………………………………………………………… 240 Chris Clark, Capital ………………………………………………… 25,000 Chris Clark, Drawing ……………………………………………… 4,000 Fees earned ……………………………………………………………… 16,840 Rent Revenue ……………………………………………………………… 120 Wages expense ………………………………………………………… 4,525 Rent expense …………………………………………………………… 1,600 Depreciation Expenses …………………………………………… 50 Utilities expense ……………………………………………………… 985 Supplies expense ……………………………………………………… 2,040 Insurance expense …………………………………………………… 200 Miscellaneous expense …………………………………………… 455 43,400 43,400
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C h a p t e r 4 C o m p l e t i n g t h e A c c o u n t i n g C y c l e | 2 . أﺃ ﺎ௾ﻳھப஬ﻫ يﻱرﺭﻘﻣﻟاﺍ Income Statement Income Statement Revenue and expense balances in the Adjusted Trial Balance column are extended to the Income Statement column. (Beginning with fees earned of $16,840). Company Name Income Statement For The Period Ended (Date) Revenues …………………………………………………………… xxx Total Revenues ………………………………………………… xxx Expenses …………………………………………………………… xxx Total expenses ………………………………………………… (xxx) Net income (or net loss) ……………………………… xxx Netsolutions Income Statement
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  • Winter '17
  • Accounting, Balance Sheet, Current Assets, Generally Accepted Accounting Principles, Chris Clark, ﻫﮬﮪھﻳﯾﺎ ﺍاﻟﻣﻘﺭرﻱي‬.‫ﺃأ‬

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