Describe preparing financial statements preparing

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Unformatted text preview: rial balance. Describe Preparing Financial Statements Preparing Financial Statements Account Debit Cash $ 15,200 Accounts Receivable 200 Advertising Supplies 1,000 Prepaid Insurance 550 Office Equipment 5,000 Accumulated Depreciation-Off Equip Notes Payable Accounts Payable Unearned Revenue Salaries Payable Interest Payable Common Stock Retained Earnings Dividends 500 Service Revenue Salaries Expense 5,200 Advertising Supplies Expense 1,500 Rent Expense 900 Insurance Expense 50 Interest Expense 50 Depreciation Expense 40 $ 30,190 Chapter 3-43 LO 7 LO Credit Income Statement PIONEER ADVERTISING AGENCY INC. Income Statement For the Month Ended October 31, 2008 $40 5,000 2,500 800 1,200 50 10,000 0 10,600 Revenues Service Revenue 10,600 Expenses Salaries Expense 5,200 Advertising Supplies Expense Rent Expense 900 Insurance Expense 50 Interest Expense 50 Depreciation Expense 40 Total expenses Net income 1,500 7,740 $ 2,860 $ 30,190 Describe the nature and purpose of an adjusted trial balance. Describe Preparing Financial Statements Preparing Financial Statements Account Debit Cash $ 15,200 Accounts Receivable 200 Advertising Supplies 1,000 Prepaid Insurance 550 Office Equipment 5,000 Accumulated Depreciation-Off Equip Notes Payable Accounts Payable Unearned Revenue Salaries Payable Interest Payable Common Stock Retained Earnings Dividends 500 Service Revenue Salaries Expense 5,200 Advertising Supplies Expense 1,500 Rent Expense 900 Insuran...
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This note was uploaded on 01/14/2012 for the course ACCOUNT 102 taught by Professor Adams during the Spring '11 term at Bradford School of Business.

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