EXERCISES-Chapter 1-2-3-4

000 liabilities 68000 73000 a if josephine made no

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Unformatted text preview: he current year: Beginning of the year End of the year Assets $ 114,000 135.000 Liabilities $ 68,000 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.

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