ACCT#4

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Anna Odushkin ACCT #4 2. a. 8 b. 1 c. 7 d. 3 e. 6 f. 4 g. 2 h. 10 3. a. Revenue Recognition Principle b. Periodicity Assumption c. No Violation d. Going Concern Principle e. Historical Cost Principle f. Economic Entity Assumption 5. Service Revenue $22,000 Less: Operating Expense 12,000 Insurance Expense 2,400 Net Income $7,600 10. No. Explanation Debi t Credi t 1 Accounts Receivable 760 Revenue from Dental Services 760 2 Utilities Expense 450 Accounts Payable 450 3 Interest Expense 500 Interest Payable 500 Depreciation Expense 400 Accumulated Depreciation - Dental Equipment 4 Insurance Expense 2000 Prepaid Insurance 2000 5 Supplies Expense 1200 Supplies 1200
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18. Service Revenue 34,600 Rent Revenue 13,100 Income Summary 47,700 Income Summary 33,600
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