Week 2 Individual Assignment

Week 2 Individual - Accounts Payable $20,000 Stockholder’s Equity Common Stock 50,000 Retained Earnings 17,500 Total Liability& Equity $87,500

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Week 2 Individual Assignment E-1-1 1. Identification 2. Identification 3. Communication 4. Recording 5. Identification 6. Recording 7. Communication 8. Identification 9. Recording E-1-5 1. Account Payables Liability 2. Cash Asset 3. Cleaning Equipment Asset 4. Cleaning Supplies Asset 5. Account Receivable Liability 6. Notes Payable Liability 7. Salaries Payable Liability 8. Common Stock Stockholder’s Equity
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E-1-12 Linda Stanley Co. Income Statement For the Year Ended December 31, 2008 Revenues: Service Revenue $62,500 Expenses: Salary 30,000 Rent 10,400 Advertising 1,800 Utilities 3,100 Total Expenses 55,300 Net Income $ 7,200 Linda Stanley Co. Retained Earnings Statement For the Year Ended December 31, 2008 Retained Earnings, January 1 $48,000 Net Income 7,200
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Dividends (6,000) Retained Earnings, December 31 $49,200 E-1-13 Mendez Company Balance Sheet December 31, 2008 Assets Cash $15,000 Accounts Payables 8,500 Equipment 46,000 Dividends 10,000 Supplies 8,000 Total Assets $87,500 Liabilities
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Unformatted text preview: Accounts Payable $20,000 Stockholder’s Equity Common Stock 50,000 Retained Earnings 17,500 Total Liability & Equity $87,500 E-2-2 Jan 2 +10,000 cash Asset; Cash; Common Stock 3-4,000 Used Car Asset; -Cash; +equipment 9-500 Supplies Assets; -Cash;-Retained Earnings 11 +1,800 service Asset; +Cash: + Retained Earnings 16-200 Advertising Asset; -Cash; -Retained Earnings 20 +700 Billed Customer Assets; Account Receivables 23 +300 Balance owed Liability; +Accounts Payable; -Retained Earnings 28 1,00 Dividend Assets; +Cash; +Stakeholder’s Equity E-2-3 See Attached worksheet E-7-3 a. 9 – Materiality principle b. 1 – Economy Entity assumption c. 7 – Full Disclosure Principle d. 3 – Monetary Unit assumption e. 6 – Matching principle f. 4 – Time Period assumption g. 8 – Revenue principle h. 5 – Cost Principle...
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This note was uploaded on 11/01/2010 for the course ACC 280 280 taught by Professor Lindaking during the Spring '10 term at University of Phoenix.

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Week 2 Individual - Accounts Payable $20,000 Stockholder’s Equity Common Stock 50,000 Retained Earnings 17,500 Total Liability& Equity $87,500

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