Chapter 2

Chapter 2 - BUSI1002 Introduction to accounting tutorial...

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Unformatted text preview: BUSI1002 Introduction to accounting tutorial assignment solution AS1 Chapter 2 Exercise 2-10 (15 minutes) TECH TALK Income Statement For Month Ended October 31 Revenues Consulting fees earned......................................... $25,620 Expenses Salaries expense................................................... $12,405 Rent expense........................................................ 6,859 Telephone expense............................................... 560 Miscellaneous expenses....................................... 280 Total expenses...................................................... 20,104 Net income................................................................. $ 5,516 Problem 2-3A (90 minutes) Part 1 April 1 Cash.........................................................................101 95,000 Office Equipment....................................................163 22,800 J. Lanelle, Capital..........................................301 117,800 Owner invested cash and equipment. 2 Prepaid Rent............................................................131 7,200 Cash................................................................101 7,200 Prepaid twelve months rent. 3 Office Equipment....................................................163 11,400 Office Supplies........................................................124 2,280 Accounts Payable...........................................201 13,680 BUSI1002 Introduction to accounting tutorial assignment solution AS2 Purchased equip. & supplies on credit. 6 Cash.........................................................................101 2,000 Services Revenue...........................................403 2,000 Received cash for services....
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Chapter 2 - BUSI1002 Introduction to accounting tutorial...

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