AChapter 3 Copy of ACC1010_Principles of Accounting I_HWTemplates_M2_M3M4.xlsx

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Baker CollegeACC 1010 Principles of Accounting IProblem 3-8aIncome StatementStatement ofFor the Year Ended December 31, 2019For the Year EndREVENUEService fees earned$62,600Balance, December 31, 2018EXPENSESrent expense$15,500salaries33,400Balance, December 31, 2019supplies4,200Insurance3,250Depreciation720Interest expense630Total expenses57,700NET INCOME$4,900Balance SheetDecember 31, 2019ASSETSLIABILITIESCash$2,900Accounts PayableAccounts recievable3,270Long term notes payablesupplies5,060Total LiabilitiesPrepaid insurance1,500Equiptment6,400
Accumulated depreciation -Equiptment(1,080)STOCKHOLDERS' ECommon stockPetained earningsTotal Stockholders' EquityTotal Assets$18,050Total Liabilities and Stockholders' EquitybGeneral JournalDecember 31, 2019Closing EntriesDescriptionDebitCreditService Fees earned62,600Retained earnings62,600To close revenue accountsRetained earnings57,700salaries expense33,400supplies expense4,200Insurance expense3,250Depreciation expense- equiptment720Interest expense630rent expense15,500To close expense accountsRetained earnings2,900dividends2,900To close the dividend account
Stockholders' Equityded December 31, 2019Common stockRetained Earnings Total$2,800 $5,205 $8,0054,9004,900(2,900)(2,900)$2,800$7,205$10,005$8457,200$8,045
EQUITY$2,8007,20510,005$18,050
Baker CollegeACC 1010 Principles of Accounting IProblem 3-12aJune

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Term
Spring
Professor
Roger Powell
Tags
Counting, Generally Accepted Accounting Principles

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