2-7 - $ 84,000 Net income 2,110 Sub-Total 86,110 Less:...

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Page 7 of 10 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 6. award: 1 out of 1 point Add : Investment by owner $ 84,000 Net income 2,110 Sub-Total 86,110 Less : Withdrawals by owner 2,000 D. Shabazz, Capital, October 31 $ 84,110 Exercise 2-11 Preparing a statement of owner's equity L.O. P3 Use the information given below to prepare an October statement of owner's equity for OnTech. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Cash $ 11,360 D. Shabazz, Withdrawals $ 2,000 Accounts receivable 14,000 Consulting Fees Earned 14,000 Office supplies 3,250 Rent Expense 3,550 Patents 46,000 Salaries Expense 7,000 Office Equipment 18,000 Telephone Expense 760 Accounts Payable 8,500 Miscellaneous Expense 580 D. Shabazz, Capital 84,000 ONTECH Statement of owner's equity For Month Ended October 31 D. Shabazz, Capital, October 1 $ 0 Add: Investment by owner
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Unformatted text preview: $ 84,000 Net income 2,110 Sub-Total 86,110 Less: Withdrawals by owner 2,000 D. Shabazz, Capital, October 31 $ 84,110 Exercise 2-12 Preparing a balance sheet L.O. P3 Use the information given below to prepare an October 31 balance sheet for OnTech. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) Cash $ 11,360 D. Shabazz, Withdrawals $ 2,000 Accounts receivable 14,000 Consulting Fees Earned 14,000 Office supplies 3,250 Rent Expense 3,550 Patents 46,000 Salaries Expense 7,000 Office Equipment 18,000 Telephone Expense 760 Accounts Payable 8,500 Miscellaneous Expense 580 D. Shabazz, Capital 84,000 Owners Equity 110 ONTECH Balance Sheet October 31 Assets Liabilities Cash $ 11,360 Accounts Payable $ 8,500 Accounts Receivable 14,000 Equity...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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