Chapter 1 - E1-5Correct. Meridith Cleaners has the...

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Unformatted text preview: E1-5Correct. Meridith Cleaners has the following balance sheet items. InstructionsClassify each item as an asset, liability, or owner's equity. LiabilityAccounts payableAssetAccounts receivableAssetCashLiabilityNotes payableAssetCleaning equipmentLiabilitySalaries payableAssetCleaning suppliesOwner's EquityKarin Meredith, CapitalE1-9Incorrect.An analysis of the transactions made by S.Moses & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in owner's equity is explained. Cash+Accounts Receivable+Supplies+Office Equipment=Accounts Payable+Owner's EquityS. Moses, Capital1.+$15,000 +$15,000 Investment2.-2,000 +$5,000 +$3,000 3.-750 +$750 4.+4,600 +$3,700 +8,300 Service Revenue5.-1,500 -1,500 6.-2,000 -2,000 Drawings7.-650 -650 Rent Expense8.+450 -450 9.-4,900 -4,900Salaries Expense10.+500 -500Utilities ExpenseInstructionsComplete the income statement and owner's equity statement for August and the balance sheet at August 31, 2008. (If answer is zero, please enter 0, do not leave any fields blank. List multiple entries in descending order of amount. For balance sheet list assets in order of liquidity.)S. Moses & Co....
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This note was uploaded on 11/15/2010 for the course ACCT acct105 taught by Professor Kruc during the Fall '10 term at Bucks Community College.

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Chapter 1 - E1-5Correct. Meridith Cleaners has the...

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