Chapter 3 Lecture.xlsx - 1 2 3 4 5 6 Cash 15,000(600(3,000 Owner's Capital 15,000 Owner's Equity Owner's Drawings 3,000 700(800 3,000 7(500 8(500

Chapter 3 Lecture.xlsx - 1 2 3 4 5 6 Cash 15,000(600(3,000...

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Assets = Liabilities + Owner's Accounts Accounts Owner's Owner's Cash Receivable Supplies Equipment Payable Capital Drawings 1. 15,000 15,000 2. (600) 3. (3,000) 3,000 4. 700 5. (800) 800 6. 3,000 7,000 7. (500) (500) 8. (500) (500) 9. (2,500) 10. 4,000 (4,000) 14,100 3,000 800 3,000 200 15,000 (500) 20,900 = 200 + 20,700 20,900 Chapter 1
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s Equity Vince's Travel Agency Income Statement Revenues Expenses For the Month Ended April 30, 2018 (600) Revenues Service Revenue $ 10,000 (700) Expenses Salaries & wage expense 2,500 10,000 Advertising expense 700 Rent expense 600 Total expenses 3,800 (2,500) Net Income $ 6,200 10,000 (3,800)
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Vince's Travel Agency Owner's Equity Statement For the Month Ended April 30, 2018 Owner's capital, April 1 $ - Add: Investments 15,000 Net Income 6,200 21,200 21,200 Less: Drawings 500 Net Loss - 500 Owner's capital, April 30 $ 20,700
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Vince's Travel Agency Balance Sheet April 30, 2018 Assets Cash $ 14,100 Accounts Receivable 3,000 Supplies 800 Equipment 3,000 Total assets $ 20,900 Liabilities and Owner's Equity Liabilities Accounts payable $ 200 Owner's Equity Owner's Capital 20,700 Total liabilities and owner's equity $ 20,900
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Vince's Travel Agency Statement of Cash Flows For the Month Ended April 30, 2018 Cash flows from operating activities Cash receipts from revenues $ 7,000 Cash payments for expenses (3,600) Net cash provided by operating activiites 3,400 Cash flows from investing activities Purchase of equipment (3,000) Purchase of supplies (800) Net cash provided by investing activiites (3,800) Cash flows from financing activities Investments by owner 15,000 Drawings by owner (500) 14,500 Net increase in cash $ 14,100 Cash at the beginning of the period - Cash at the end of the period $ 14,100
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General Journal J1 Chapter 2 Date Account Titles and Explanation Ref. Debit Credit 15,000 Office Rent Expense (I/S – Exp) 600 600 (Paid rent for the month of April) Apr. 3
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  • Fall '18
  • Mrs. Hess
  • Balance Sheet, Net Income, Generally Accepted Accounting Principles, V. Morelli

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