ACC1010_Principles of Accounting I_HWTemplates_M2_M3M4 (1).xlsx

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Baker CollegeACC 1010 Principles of Accounting IProblem 3-8aIncome StatementFor the Year Ended December 31, 2019REVENUEService fees earned $ 62,600 EXPENSESRent$ 15,500 Salaries33,400 Suuplies4,200 Insurance3,250 Depreciation720 Interest630 Total expenses57,700 NET INCOME$ 4,900 Balance SDecember 3ASSETSCash $ 2,900 Accounts reciveable3,270 Supplies 5,060 Prepaid Insurance 1,500 Equipment6,400 Accumulated depreciation (1,080)Total Assets$ 18,050 bGeneral Journal
December 31, 2019Closing EntriesDescriptionDebit Credit Service fee revenue 62,600 retained earnings 62,600 To close the revenue account Retained earnings 57,700 Rent expense 15,500 Salaries Expense 33,400 Supplies Expense 4,200 Insurance Expense 3,250 Depreciation Expense- Equipment 720 Interest Expense 630 To close expense accounts Retained earnings 2,900 Dividends 2,900 To clse dividends acount
Statement of Stockholders' EquityFor the Year Ended December 31, 2019Common stock Retained Earnings Total Balance, December 31, 2018$ 2,800 $ 5,205 $ 8,005 net income 4,900 4,900 Dividends (2,900) (2,900)Balance, December 31, 2019$ 2,800 $ 7,205 $ 10,005 Sheet31, 2019LIABILITIESAccounts payable $ 845 Long-term notes payable 7,200 Total Liabilities$ 8,045 STOCKHOLDERS' EQUITYCommon Stock $ 2,800 Retained Earnings 7,205 Total Stockholders' Equity10,005 Total Liabilities and Stockholders' Equity$ 18,050
Baker CollegeACC 1010 Principles of Accounting IProblem 3-12aJuneGeneral JournalDescriptionDebit 1 Rent 875 cash

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Term
Fall
Professor
Ashley Harper
Tags
Generally Accepted Accounting Principles

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