DonsHW

# DonsHW - an increase to the Assets of the company The \$500...

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Don Feldman Intro to Financial Accounting Homework 2 P2-68B 1) Analyzed data, balance sheet provided in question 4. 2) Income statement- Revenue-\$24,500 Expenses-\$7,000 Balance- \$17,500 Expenses: Accounts Payable-\$4,700 Rent-\$900 Advertising-\$800 Supplies- \$600 3) Retained Earnings Net Income-\$17,500-\$2,300 Dividends = \$15,200 Retained Earnings 4) Cash + Acc. Rec. + Supplies + Land = Acc. Pay. + Com. Stk. + R/E \$10,750 + \$1650 + \$600 + \$11,500= \$3,700 + \$12,600 + \$8,200

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P2-70B 1. 11/4- b 11/5- c 11/6- c 11/7- c 11/10- b 11/11- b 11/12- a 11/18- b 11/21- a 11/25- c 11/30- c 2. Analyzed data, provided in journal entry for question 3. 3. Assets = Liabilities + Stockholders Equity 11/5- \$59,000 Debit \$59,000 Credit 11/6- \$500 Credit \$500 Debit 11/7- \$12,000 Credit \$12,000 Debit 11/25- \$500 Credit \$500 Debit 11/30- \$1,700 Credit \$1,700 Debit Explanation- The initial \$59,000 is put in the journal as a debit because it is
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Unformatted text preview: an increase to the Assets of the company. The \$500 is a credit because it is money they used for supplies and possibly advertising. The \$12,000 Credit on 11/7 is because the company purchased more equipment. The second \$500 credit comes from the rent, Accounts payable, due by the company. Lastly, the \$1,700 credit comes from the final dividend paid by the Smith Real Estate. Co. P2-72B 1. Cash + Acc. Rec. + Supplies + Land= Acc. Pay. + Common Stock + R/E 1/2- \$33,000 I \$33,000 1/3-I \$3,300 1/4-\$1,700 I 1/7-\$22,000 I \$22,000 1/11-\$1,100 I 1/16-I -\$3,300 1/17-I \$130 1/18--\$550 I 1/22-I \$150 1/29-\$1,100 I 1/31-I \$2,300 1/31-I \$2,900 2. Missed Class on T Accounts, will attend office hours. 3. 4. January was not a profitable month, they owe approximately \$2,130....
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DonsHW - an increase to the Assets of the company The \$500...

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