Unit 1 - Problem 1-7B (60 minutes) Parts 1 and 2 Assets...

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Problem 1-7B (60 minutes) Parts 1 and 2 Assets = Liabilities + Equity Date Cash + Accounts Receivable + Equipment = Accounts Payable + H. Nikolas, Capital - H. Nikolas, Withdrawals + Revenues - Expenses June 1 130,000 = + 130,000 2 -6,000 = - 6,000 4 + 2,400 = 2,400 6 -1,150 = -1,150 8 850 = + 850 14 7,500 + 7,500 = 16 -800 = - 800 20 7,500 + = + 7,500 21 7,900 + 7,900 = 24 675 + 675 = 25 7,900 + = 7,900 26 -2,400 = - 2,400 28 -800 = - 800 29 -4,000 = - 4,000 30 -150 = - 150 30 -890 = - 890
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Problem 1-7B (Continued) Part 3 Holly’s Maintenance Co. Income Statement For Month Ended June 30 Revenues Maintenance services revenue 16,250 Expenses Rent expense. ............................ 6,000 Salaries expense. ....................... 1,600 Advertising expense. ................. 1,150 Telephone expense. ..................... 150 Utilities expense. .......................... 890 Total expenses. .......................... 9,790 Net income. ..................................... 6,460 Holly’s Maintenance Co. Statement of Owner’s Equity
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Unit 1 - Problem 1-7B (60 minutes) Parts 1 and 2 Assets...

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