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Ch+2+Pr+6 - Problem 2-6 Requirement 2 a Cash Accounts...

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Problem 2-6 Requirement 2 a. Cash ........................................................................... 70,000 Accounts receivable .................................................. 30,000 Service revenue ...................................................... 100,000 b. Cash ........................................................................... 27,300 Accounts receivable ............................................... 27,300 c. Cash ........................................................................... 10,000 Common stock ....................................................... 10,000 d. Salaries expense ........................................................ 41,000 Salaries payable ........................................................ 9,000 Cash ....................................................................... 50,000 e. Miscellaneous expenses ............................................. 24,000 Cash ....................................................................... 24,000 f. Equipment .................................................................. 15,000 Cash ....................................................................... 15,000 g. Retained earnings ..................................................... 2,500 Cash ....................................................................... 2,500
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Problem 2-6 (continued) Requirements 1 and 3 BALANCE SHEET ACCOUNTS Cash Accounts receivable _____________________________ _________________________ 1/1 Bal. 30,000 1/1 Bal. 15,000 a. 70,000 50,000 d. a. 30,000 27,300 b. b. 27,300 24,000 e. c. 10,000 15,000 f. 2,500 g. ________________ ________________ 12/31 Bal. 45,800 12/31 Bal. 17,700 Equipment Allow. for uncollectible accounts _____________________________ _________________________ 1/1 Bal. 20,000 500 1/1 Bal. f. 15,000 ________________ ________________ 12/31 Bal. 35,000 500 12/31 Bal. Accumulated depreciation Salaries payable _____________________________ _________________________ 6,000 1/1 Bal. 9,000 1/1 Bal. d. 9,000 ________________ ________________ 6,000 12/31 Bal. 0 12/31 Bal. Common stock Retained earnings _____________________________ _________________________
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40,000 1/1 Bal. 9,500 1/1 Bal. 10,000 c. g. 2,500 ________________ ________________ 50,000 12/31 Bal. 7,000 12/31 Bal.
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Problem 2-6 (continued) INCOME STATEMENT ACCOUNTS Service revenue Miscellaneous expenses _____________________________ _________________________ 0 1/1 Bal. 1/1 Bal. 0 100,000 a. e. 24,000 ________________ ________________ 100,000 12/31 Bal. 12/31 Bal. 24,000 Salaries expense _____________________________ 1/1 Bal. 0 d. 41,000 ________________ 12/31 Bal. 41,000 Requirement 4 Account Title Debits Credits Cash 45,800 Accounts receivable 17,700 Allowance for uncollectible accounts 500 Equipment 35,000 Accumulated depreciation 6,000 Salaries payable - 0 - Common stock 50,000 Retained earnings 7,000 Service revenue 100,000 Salaries expense 41,000 Miscellaneous expenses 24,000 ______ Totals 163,500 163,500
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