M10-Chp-01-6-T-Accounts-Bobs-Business

M10-Chp-01-6-T-Accounts-Bobs-Business - Tab: 1. Problem...

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Tab: 1. Problem File: e2139f6bef5a0bd5ce828deb9083417fb79a4056.xls Page 1 of 4 Bob's Service Business in 2005 Transactions in 2005 Amount 1 Bob invested cash of $100,000 to start a service business on 1-1-2005 $100,000 2 Bought office building for cash of $90,000, including $5,000 for the land. $90,000 3 Earned and collected service revenue of $200,000 $200,000 4 Paid salaries of $80,000 to employees (Ignore withholding) $80,000 5 Paid utilities of $10,000 $10,000 6 Recorded Depreciation Expense of $2,000 $2,000 7 Bob withdrew $60,000. $60,000 Record transactions in accounts. A. Close Revenue. B. Close Expenses. C. Close Income Summary. D. Close Drawing Prepare financial statements for 2005 using the format in tab 2 of this file. What are total assets at end of 2005? ______________ What is net income for 2005? ___________ Cash Accounts Receivable Land No. Trans. Debit Credit No. Trans. Debit Credit No. Trans. Debit Credit Beg. Bal. Beg. Bal. Beg. Bal. 1 Invest 2 Building 2 Land 3 Service 4 Salaries 5 Utilities 7 Draw Totals Totals End. Bal. End. Bal. Building Accum. Depreciation Bob, Capital No. Trans. Debit Credit No. Trans. Debit Credit No. Trans. Debit Credit Beg. Bal. Beg. Bal. Beg. Bal. 2 Building 1 Invest 6 Deprec. C Income D Drawing Totals Totals Totals End. Bal. End. Bal. End. Bal. Service Revenue Salary Expense Bob, Withdrawals No. Trans. Debit Credit No. Trans. Debit Credit No. Trans. Debit Credit 3 Service 4 Salaries 7 Draw Subtotal Subtotal Subtotal
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M10-Chp-01-6-T-Accounts-Bobs-Business - Tab: 1. Problem...

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