extra practice before quiz --- solution

extra practice before quiz --- solution - ANS: 1) Trans....

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ANS: 1) Trans. Cash A/R Computer A/P Capital Stock Revenue Expense 1 5,000 5,000 2 (800) ( 800) 3 5,000 5,000 4 (300) ( 300) 5 (500) ( 500) 6 (125) ( 125) 7 1,000 1,000 8 800 800 Totals 4,075 1,000 5,000 5,000 5,000 1,800 (1,725) Total Assets: $10,075 Liabilities and Equity: $10,075 2) Computing Solutions Income Statement For Month Ending July 31, 2005 Revenue $1,800 $1,800 Expenses: Rent Expense $ 800 License Expense 300 Supplies Expense 500 Ad Expense 125 1,725 Net Income $ 75 3) Computing Solutions Balance Sheet July 31, 2005 Assets Liabilities and Owners’ Equity Current Assets Current Liabilities Cash $ 4,075 Accounts Payable $ 5,000 Accounts Receivable 1,000 Total Current Assets $ 5,075 Capital Stock $ 5,000 Noncurrent Assets Retained Earnings 75 Computers $ 5,000 Total Assets $10,075 Total Liab. and Owners’ Equity$10,075
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ANS: 1) Trans. Cash A/R A/P Capital Stock Revenue Expense 1 25,000 25,000 2 ( 1,000) (1,000) 3 400 ( 400) 4 4,000 4,000 5 (1,000) (1,000) 6 (200) ( 200) 7 4,000
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This note was uploaded on 09/13/2011 for the course AIM 6305 taught by Professor L during the Fall '11 term at University of Texas at Dallas, Richardson.

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extra practice before quiz --- solution - ANS: 1) Trans....

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