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Unformatted text preview: he current year:
Beginning of the year
End of the year Assets
73.000 a. If Josephine made no investments in the business and withdrew no assets during
the year, what was the amount of net income earned by Josephine's Bakery? EXERCISE 1: MAKING THE JOURNAL ENTRIES???
1. J. Scott invests $20,000 cash to start the business.
2. Purchased equipment for $15,000 cash.
3. Purchased Supplies of $200 and Equipment
of $1,000 on account.
4. Borrowed $1,000 cash from Bank to pay for
“supplier’s payables” b. If Josephine invested an additional $12,000 in the business during the year, but 5. Provided consulting services receiving $3,000 cash withdrew no assets during the year, what was the amount of net income earned by 6. Paid advertising fees of $800 cash Josephine's Bakery? 7. A withdrawal of $500 cash is made by the owner. 3 2/12/2014 EXERCISE 2 CHAPTER 3 – ADJUSTING ENTRY
1, LINH deposits $ 25,000 in a bank account in the name of ACC
2, Exchanged $ 20,000 cash for land
3, Buying supplies for $ 1,350 and agreeing to pay the supplier in the near future
4, During its first month of operations, ACC provided services to customers,
earning fees of $ 7,500 and receiving the amount in cash
5, The expenses paid during the month were as follows: wage $2,125$; rent $ 800...
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This document was uploaded on 03/26/2014.
- Spring '14