Page 51 Homework - Problem 4-1 Net income Total assets...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Problem 4-1 Net income $4,800 Total assets $45,100 Problem 4-2 Net income $68,600 Total assets $545,000 Problem 4-4 $2,954.91 Problem 4-6 $252.50
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Bobcat Bob's Fudge Sandwich Business Cash Accounts Payable Common Stock 30000(1) 1000(3) 30000(1) 1000(2) 6000(9) 19000(3) 38000(3a) Parking Fee Payable 9000(4) 100(6) 1100(5) Sales 500(7) 38000(3a) 200(8) 6000(9) Inventory Taxes Payable 20000(3) 3200(10) 19000(3a) Interest Income 200(8) Security Deposit Cart Rental Expense 500(7) 1000(2) Salary Expense 9000(4) Cost of Goods Sold 19000(3) 19000(3a) Parking Expense 1100(5) 100(6) Tax Expense 3200(10)
Background image of page 2
Bobcat Bob's Fudge Sandwich Business Journal Entries Problem 4-1 Page 51 1 Common Stock 30000 Cash 30000 To record selling the original common stock of the business 2 Cart Rental Expense 1000 Cash 1000 To record renting the cart for 1 year 3 Cash 19000 Accounts Payable 1000 Inventory 20000 To record initial purchase of sandwiches 3a Inventory 19000 Cost of Goods Sold 19000 To record sales of 19000 sandwiches Second Part: Cash 38000 Sales 38000 To record sales of 19000 sandwiches 4 Salary Expense 9000 Cash 9000 To record paying salaries of 9000 5 Parking Fee Expense 1100 Cash 1100 To record paying parking fee 6 Parking Fee Expense 100 Parking Fee Payable 100 To record parking fees still owed 7 Cash 500 Security Deposit 500 To record security deposit paid for parking spots 8 Cash 200 Interest Income 200 To record interest income from bank 9 Common Stock 6000 Cash 6000 To record additional issuance of common stock 10 Tax Expense 3200 Taxes Payable 3200 To record tax expense for year 20x1. 11 Closing Entry
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

Page1 / 7

Page 51 Homework - Problem 4-1 Net income Total assets...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online