Chapter 5 HW excel - BriefExercise5.6 Cal Tour Coporation...

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Brief Exercise 5.6 Cal Tour Coporation General Journal Consulting Revenue Earned……………………………… $26,000 Interest Revenue…………………………………………… $300 Income Summary……………………………………………………. . $26,300 To close revenue earned Income Summary……………………………………………$34,700 Insurance expense…………………………………………………. . $1,900 Rent expense…………………………………………………………… $10,800 Depreciation expense……………………………………………. . $5,600 Salaries expense……………………………………………………… $16,400 To close all expense accounts Retained Earnings………………………………………… $8,400 Income Summary……………………………………………………. . $8,400 To transfer net loss to retained earnings Retained Earnings………………………………………… $400 Dividends………………………………………………………………… $400 To transfer dividends declared during the year to retained earning account. Brief Exercise 5.7 a. C b. C c. D d. N e. C f. N g. N h. C i. D j. N k. C l. C
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Student Name: Class: Problem 05-03 MYSTIC MASTERS, INC. Income Statement
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This note was uploaded on 12/13/2009 for the course ACCOUNTING ACCTG 50 taught by Professor B during the Fall '09 term at University of Phoenix.

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Chapter 5 HW excel - BriefExercise5.6 Cal Tour Coporation...

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