Assn 1-sols - Continuing Problem (60-75 min.) P 1-42 Req. 1...

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Continuing Problem (60-75 min.) P 1-42 Req. 1 Redmon Consulting Analysis of Transactions ASSETS = LIABILITIES + OWNER’S EQUITY DATE CASH + ACCOUNTS RECEIVABLE + SUPPLIES + EQUIP- MENT + FURNI- TURE ACCOUNTS = PAYABLE + CARL REDMON, CAPITAL TYPE OF OWNER’S EQUITY TRANSACTION Dec 2 10,000 10,000 Owner investment Bal. 10,000 10,000 2 500 –500 Rent expense Bal. 9,500 9,500 3 2,000 +2,000 Bal. 7,500 2,000 9,500 4 +3,600 +3,600 Bal. 7,500 2,000 3,600 3,600 9,500 5 +300 +300 Bal. 7,500 300 2,000 3,600 3,900 9,500 9 +1,700 +1,700 Service revenue Bal. 7,500 1,700 300 2,000 3,600 3,900 11,200 12 –200 –200 Utilities expense Bal. 7,300 1,700 300 2,000 3,600 3,900 11,000 18 +800 +800 Service revenue Bal. 8,100 1,700 300 2,000 3,600 3,900 11,800 15,700 15,700
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(continued) P 1-42 Req. 2 Redmon Consulting Income Statement Month Ended December 31, 2007 Revenues: Service revenue ($1,700 + $800) $2,500 Expenses: Rent expense $500 Utilities expense 200 Total expenses 700 Net income $1,800
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This note was uploaded on 03/16/2012 for the course FENS 101 taught by Professor Selçukerdem during the Fall '12 term at Sabancı University.

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Assn 1-sols - Continuing Problem (60-75 min.) P 1-42 Req. 1...

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