ACCT
Week 3 Homework.xlsx

Week 3 Homework.xlsx - 3-9A A E Assets = Cash Accounts...

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3-9A. A. E. Assets = Stockholde Cash Accounts Receiveable Retained Earnings Debit + Credit - Debit + Credit - Debit - Credit + 2016 $160,000 $160,000 2017 $160,000 $160,000 $40,000 B. G. Event Balance Sheet Assets = Liabilites + Stockholder's Equity Cash 2016 1 $160,000 $160,000 2 $120,000 ($120,000) Bal. $120,000 $40,000 $160,000 2017 3 $40,000 Bal. $120,000 $40,000 C. $160,000 D. $120,000 F. Assets = Cash/Debit $40,000 Equity = Credit $40,000 H. Net Income - $40,000 Net Cashflow - $40,000 3-10A. A. B. Assets = Liabilities + Accounts Receiveable Supplies Accounts Payable Debit Credit Debit Credit Debit Credit $25,000 $2,800 adj. 250 $2,800 C. Event Balance Sheet Assets = Liabilites + Equity Supplies Revenue 1 $25,000 $25,000 $25,000 2 ($2,800) Adj. $250 Balance $22,450 2,550,550 $25,000 D. The amount differs because $2,800 was spent on supplies, however not all the supplies we E. General Journal Date: Account Titles Debit Credit Closing Entries 12/31/2016 Services Revenue $25,000 Accounts Receivable $25,000 Accounts Rec. Notes Payable Unearn. Rev. Retained Earnings Accounts Rec. Accts. Payable Retained Earnings
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Cash $2,800 Supplies Expenses $2,550 Supplies $250 Post Closing Trial Balance Account Titles Debit Credit Cash $2,800 Account Receivable $25,000 Supplies $250 Service Revenue $25,000 Supplies Expense $2,550 $27,800
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