Busi 1004- ICP-Ch. 3

Busi 1004- ICP-Ch. 3 - ICP 3-1 a. b. c. d. e. f. g. Prepaid...

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
ICP 3-1 a. Prepaid rent $6,500 Cash $6,500 b. Office supplies 3,400 Cash 3,400 c. Cash 10,000 Capital Stock 10,000 d. Equipment 40,000 Accounts Payable 40,000 e. Inventory 20,000 Accounts Payable 20,000 f. Accounts Payable 15,000 Cash 15,000 g. Accounts Receivable 1,800 Sales 1,800 Cost of goods sold 1,000 Inventory 1,000 h. Cash 600 Sales 600 Cost of goods sold 400 Inventory 400 i. Office supplies expense 200 Office supplies 200 j. Salaries and wage expense 500 Cash 500 k. Utilities expense 1,200 Accounts Payable 1,200
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
ICP 3-2 a. 1. Cash $100,000 Capital Stock $100,000 2. Prepaid Rent 28,000 Cash 28,000 3. Furniture and Fixtures 25,000 Cash 25,000 4. Cash 100,000 Bank Loan 100,000 5. Inventory 75,000 Accounts Payable 75,000 6. Prepaid Insurance 3,600 Cash 3,600 7. Cash 540,000 Accounts Receivable 375,000 Sales 915,000 8. Cash 320,000 Accounts Receivable 320,000 9. Inventory 450,000 Accounts Payable 450,000 10. Advertising Expense 25,000 Wages and Salaries Expense 165,000 Miscellaneous Expense 18,000 Interest Expense 7,500 Accounts Payable 432,000 Retained Earnings 90,000 Rent Expense 154,000 Cash 891,500 11. Depreciation 2,500 Accumulated Depreciation 2,500 12. Insurance Expense 2,400 Prepaid Insurance 2,400 13. Interest Expense 750
Background image of page 2
Other Payable 750 14. Cost of Goods Sold 439,000 Inventory 439,000 15. Sales 5,600 Unearned Income 5,600 16. Miscellaneous Expense 5,700 Accounts Payable 5,700 17. Wages and Salaries Expense 2,500 Other Payables 2,500 18. Rent Expense 14,000 Prepaid Rent 14,000 19. Income Taxes 29,915 Other Payables 29,915
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Assets SFP Liabilities & Equity Cash Accounts Receivable Accounts Payable 1 100,000 28,000 2 7 375,000 320,000 8 10 432,000 75,000 5 4 100,000 25,000 3 450,000 9 7 540,000 3,600 6 B 86,000 5,700 16 8 320,000 891,500 10 98,700 B B 111,900 Inventory Unearned Revenues 5 75,000 439,000 14 5,600 15 9 450,000 B 86,000 Prepaid Insurance Bank Loan 6 3,600 2,400 12 100,000 4 B 1,200 Prepaid rent Furniture & Fixtures Other Payables 2 28,000 14,000 18 3 25,000 750 13 B 14,000 2,500 17 21,915 19 25,165 B Accumulated Depreciation Capital Stock 2,500 11 100,000 1 Retained Earnings 10 90,000
Background image of page 4
Expenses INCOME STATEMENT Revenues Cost of Goods Sold Wages & Salaries Sales 14 439,000 10 165,000 15 5,600 915,000 7 17 2,500 B 167,500 909,400 B Depreciation Advertising 11 2,500 10 25,000 Miscellaneous Interest 10 18,000 10 7,500 16 5,700 13 750 B 23,700 B 8,250 Rent Insurance 10 154,000 12 2,400 18 14,000 B 168,000 Income Taxes 19 21,915
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Assets SFP Liabilities & Equity Cash Accounts Receivable Accounts Payable Inventory Unearned Revenues Prepaid Insurance Bank Loan Prepaid rent Furniture & Fixtures Other Payables Accumulated Depreciation Capital Stock Retained Earnings
Background image of page 6
Expenses INCOME STATEMENT Revenues Cost of Goods Sold Wages & Salaries Sales Depreciation Advertising Miscellaneous Interest Rent Insurance Income Taxes
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
b. KP Sports Inc. Trial Balance
Background image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 28

Busi 1004- ICP-Ch. 3 - ICP 3-1 a. b. c. d. e. f. g. Prepaid...

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online