SEYEDIN_Problem4-1B

SEYEDIN_Problem4-1B - 1,400 Misc. Expense 4,320 Total...

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Kristine Jun Problem 4-1B Lightworks Company Financial Accounting I Income Statement Dr. Seyedin For the Year Ended July 31, 2010 Revenues Fees Revenue $307,000 Rent Revenue 1,000 Total Revenue $308,000 Expenses $114,900 Advertising Expense 21,700 Utilities Expense 11,400 Repairs Expense 8,850 Depr. Expense - Equipment 3,200 Insurance Expense 3,000 Supplies Expense 1,900 Depr. Expense - Building
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Unformatted text preview: 1,400 Misc. Expense 4,320 Total Expenses 170,670 Requirement 2 Not necessarily. A debit and credit of the same amount could have been eliminated. Another possibility is that a debit or credit of the same amount could have been charge to a different account. Thus, although the total balance is correct, the balances in the affected accounts are not....
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This note was uploaded on 08/11/2010 for the course ACCT 1A taught by Professor Seyedin during the Spring '10 term at Foothill College.

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SEYEDIN_Problem4-1B - 1,400 Misc. Expense 4,320 Total...

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