ACC205 WEEK 1 ASSIGNMENT

ACC205 WEEK 1 ASSIGNMENT - For the Month Ended December 31,...

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Week 1 Problems and Cases P1-42, Page 44 Transa ctions Cash Assets Equipmen t Assets Accounts Receivabl e Supplies = Liabilities (Accounts Payable ) + C. Redmon Capital + Revenues Expenses 1 +10,000 = + + 10,000 2 –500 = -500 3 – 2,000 +2,000 = 4 +3600 = +3600 5 +300 = +300 6 +1700 = +1700 7 = 8 -200 = -200 9 +800 +800 T 8100 5600 1700 300 = 3900 + 10,000 + 2500 700 Redmon Consulting Income Statement For the Month Ended December 31, 2007 Revenue Revenue $2,500 Expenses Rent Expenses $500 Utility Expenses $200 Total Expenses $700 Net Profit $1,800 Redmon Consulting Statement of Owners Equity For the Month Ended December 31, 2007
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C. Redmond Capital, December 1, 2007 $0 Plus: Investments by owner $10,000 Net Income $1,800 Less: Withdrawals by owner $0 C. Redmond Capital, December 31, 2007 $11,800 Redmon Consulting Balance Sheet
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Unformatted text preview: For the Month Ended December 31, 2007 Assets Liabilities Cash $8,100 Accounts payable $3,900 Supplies $300 Total Liabilities $3,900 Equipment $5,600 Equity Accounts Receivable $1700 R. Redmon, Capital $11,800 Total Assets $15,700 $15,700 P2-43B Missing Link Exploration Company Trial Balance March 31, 2007 Balance Account Title Debit Credit Cash $5,200 Accounts receivable $2,540 Supplies $600 Exploration equipment $21,300 Computers $46,000 Accounts payable $2,700 Note payable $18,300 Jack Bellard, Capital $50,800 Jack Bellard, Withdrawals $5,000 Service revenue $11,800 Salary expense $1,300 Rent expense $850 Advertising $300 Utilities expense $260 Total $83,350 $83,600...
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This note was uploaded on 05/05/2011 for the course ACC 206 206 taught by Professor Gray during the Spring '11 term at Ashford University.

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ACC205 WEEK 1 ASSIGNMENT - For the Month Ended December 31,...

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