Answers HW_1_V2.0 - Problem 2-6 Requirement 2 a Cash Accounts receivable Service revenue b Cash Accounts receivable c Cash Common stock d Salaries

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Problem 2-6 Requirement 2 a. Cash . ........................................................................ 70,000 Accounts receivable ................................................ 30,000 Service revenue . ................................................... 100,000 b. Cash . ........................................................................ 27,300 Accounts receivable . ............................................ 27,300 c. Cash . ........................................................................ 10,000 Common stock . .................................................... 10,000 d. Salaries expense ...................................................... 41,000 Salaries payable ...................................................... 9,000 Cash . .................................................................... 50,000 e. Miscellaneous expenses . .......................................... 24,000 Cash . .................................................................... 24,000 f. Equipment . .............................................................. 15,000 Cash . .................................................................... 15,000 g. Retained earnings ................................................... 2,500 Cash . .................................................................... 2,500
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Problem 2-6 (continued) Requirements 1 and 3 BALANCE SHEET ACCOUNTS Cash Accounts receivable ___________________________ ___________________________ 1/1 Bal. 30,000 1/1 Bal. 15,000 a. 70,000 50,000 d. a. 30,000 27,300 b. b. 27,300 24,000 e. c. 10,000 15,000 f. 2,500 g. _______________ ______________ 12/31 Bal. 45,800 12/31 Bal. 17,700 Equipment Allow. for uncollectible accounts ___________________________ ___________________________ 1/1 Bal. 20,000 500 1/1 Bal. f. 15,000 _______________ ______________ 12/31 Bal. 35,000 500 12/31 Bal. Accumulated depreciation Salaries payable ___________________________ ___________________________ 6,000 1/1 Bal. 9,000 1/1 Bal. d. 9,000 _______________ ______________ 6,000 12/31 Bal. 0 12/31 Bal. Common stock Retained earnings ___________________________ ___________________________ 40,000 1/1 Bal. 9,500 1/1 Bal. 10,000 c. g. 2,500 _______________ ______________ 50,000 12/31 Bal. 7,000 12/31 Bal.
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Problem 2-6 (continued) INCOME STATEMENT ACCOUNTS Service revenue Miscellaneous expenses ___________________________ ___________________________ 0 1/1 Bal. 1/1 Bal. 0 100,000 a. e. 24,000 _______________ ______________ 100,000 12/31 Bal. 12/31 Bal. 24,000 Salaries expense ___________________________ 1/1 Bal. 0 d. 41,000 _______________ 12/31 Bal. 41,000 Requirement 4 Account Title Debits Credits Cash 45,800 Accounts receivable 17,700 Allowance for uncollectible accounts 500 Equipment 35,000 Accumulated depreciation 6,000 Salaries payable - 0 - Common stock 50,000 Retained earnings 7,000 Service revenue 100,000 Salaries expense 41,000 Miscellaneous expenses 24,000 ______ Totals 163,500 163,500
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Problem 2-6 (continued) Requirement 5
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This note was uploaded on 02/10/2011 for the course UGBA 120a taught by Professor Cerf during the Spring '08 term at University of California, Berkeley.

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Answers HW_1_V2.0 - Problem 2-6 Requirement 2 a Cash Accounts receivable Service revenue b Cash Accounts receivable c Cash Common stock d Salaries

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