Week 1 Financial Statement Preparation telephone narration 2 Week 1

Week 1 Financial Statement Preparation telephone narration 2 Week 1

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Unformatted text preview: Click to edit Master subtitle style 12/10/10 Financial Statement Preparation Income Statement and Balance Sheet 12/10/10 Financial Statements Let’s prepare the Financial Statements reflecting the transactions we have recorded. 1. Income Statement 2. Statement of Owner’s Equity 3. Balance Sheet 4. Statement of Cash Flows P 1 12/10/10 Calculating the income statement and balance Accounts payable 6,200 Accounts receivable 1,000 Accum. depr. - Equip. 500 Capital 30,000 Cash 3,950 Consulting revenue 6,800 Depr. expense 500 Equipment 26,000 Insurance expense 400 Prepaid insurance 2,000 Rent expense 1,000 Rental revenue 300 Salaries expense 2,400 Salaries payable 1,000 Supplies 9,000 Supplies expense 720 Unearned revenue 3,000 Utilities expense 230 Withdrawals 600 12/10/10 Step 1: Classify accounts into income statement and Accounts payable 6,200 Accounts receivable 1,000 Accum. depr. - Equip. 500 Capital 30,000 Cash 3,950 Consulting revenue 6,800 Depr. expense 500 Equipment 26,000 Insurance expense...
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This note was uploaded on 12/09/2010 for the course ACCT 201 taught by Professor Tracyedmond during the Fall '10 term at Park.

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Week 1 Financial Statement Preparation telephone narration 2 Week 1

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