Ch02PFFS1 - Explanation Balance Glenrose Servicing 30-Jun...

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Problem FFS-1 1 and 2. Assets = Liabilities + Equity 3. Date Cash Accounts Payable Explanation Jun-1 Glenrose Servicing 5 Income Statement 7 For Month Ended June 30, 2005 9 Revenues: 15 Service revenue 17 Operating expenses: 29 Wages expense 30 Rent expense Utilities expense Total operating expenses - Net loss $- Glenrose Servicing Statement of Owner's Equity total For Month Ended June 30, 2005 Dianne Towbell,capital,June 1 Add: Investment by owner Less: Withdrawals by owner Net loss - Dianne Towbell,capital, June 30 $- Glenrose Servicing Balance Sheet June 30, 2005 Assets Cash Accounts receivable Office equipment Total assets $- Liabilities Accounts payable Owner's Equity Dianne Towbell, capital Total liabilities and owner's equity $- Accounts Receivable Office Equipment D Towbell, Capital
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Problem FFS-1 1 and 2. Assets = Liabilities + Equity 3. Date Cash Accounts Payable
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Unformatted text preview: Explanation Balance Glenrose Servicing 30-Jun Income Statement 5-Jul For Month Ended July 31, 2005 8 Revenues: 9 Service revenue 12 Operating expenses: 14 Wages expense 15 Rent expense 17 Utilities expense 25 Total operating expenses- 31 Net income $- 31 Glenrose Servicing Statement of Owner's Equity total For Month Ended July 31, 2005 Dianne Towbell,capital,June 30 Add: Investment by owner Net income- - Less: Withdrawals by owner Dianne Towbell,capital, July 31 $- Glenrose Servicing Balance Sheet July 31, 2005 Assets Cash Accounts receivable Office equipment Total assets $- Liabilities Accounts payable Owner's Equity Dianne Towbell, capital Total liabilities and owner's equity $- Accounts Receivable Office Equipment D Towbell, Capital...
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This note was uploaded on 08/22/2009 for the course ACCT 1202 taught by Professor Carmendima during the Winter '06 term at Niagara College.

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Ch02PFFS1 - Explanation Balance Glenrose Servicing 30-Jun...

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