Prob 4-1B - Problem 4-1B Name: Kurahn Harris Section: Enter...

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Problem 4-1B Name: Kurahn Harris Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect entry in the outlined cells. Use the pull-down list to select the appropriate account in the journal.
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1. LAST-CHANCE COMPANY Income Statement For the Year Ended November 30, 2008 Revenues: Fees Revenue $290,700 Rent Revenue 2,000 $292,700 Expenses: Salaries and Wages Expense $147,000 Advertising Expense 94,800 Utilities Expense 27,000 Travel Expense 18,750 Depr. Exp. - Equipment 5,200 Depr. Exp. - Building 2,000 Supplies Expense 1,525 Insurance Expense 1,450 Miscellaneous Expense 5,875 Total expenses 303,600 Net Loss $10,900 2. LAST-CHANCE COMPANY Statement of Owner's Equity For the Year Ended November 30, 2008 Corey Evans, capital, December 1, 2007 $318,800 Net loss for the year $10,900 Less withdrawals 15,000 Decrease in owners equity 25,900 Corey Evans, capital, November 30, 2008 $292,900 3. LAST-CHANCE COMPANY Balance Sheet November 30, 2008 Assets Liabilities Current assets: Current liabilities Cash $4,800 Corey Evans, Capital * $9,750 Accounts Receivable 19,950 Salaries and Wages Payable 2,700 Prepaid Insurance 1,250 Unearned Rent 2,500 Supplies 500 Total liabilities
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This note was uploaded on 06/04/2008 for the course ACC 101 taught by Professor Palmer during the Spring '08 term at Georgia Perimeter.

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Prob 4-1B - Problem 4-1B Name: Kurahn Harris Section: Enter...

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