Expense to be incurred in future prepaid asset Expense was incurrred in the

Expense to be incurred in future prepaid asset

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Expense to be incurred in future = prepaid (asset) Expense was incurrred in the past = accounts payable
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In-Class Exercises 1-
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Learning Objective 4-3 Prepare an adjusted trial balance.
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The Accounting Process
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Partial Listing of T-accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Software Accumulated Amortization Logo and Trademarks Accounts Payable Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Note Payable Common Stock Retained Earnings Dividends Sales Revenue Service Revenue Salaries and Wages Expense Rent Expense Utilities Expense Advertising Expense Depreciation Expense Supplies Expense Amortization Expense Interest Expense Income Tax Expense Total Credit $ 400 250 10,700 200 1,950 200 100 20,000 10,000 0 12,100 3,250 $ 59,150 Debit $ 16,900 3,750 250 4,800 9,600 9,000 300 0 9,750 2,400 600 500 400 350 250 100 200 $ 59,150 NOODLECAKE, INC. Adjusted Trial Balance At September 30, 2018 Adjusted Trial Balance
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Learning Objective 4-4 Prepare financial statements.
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NOODLECAKE, INC. Adjusted Trial Balance At September 30, 2018 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Software Accumulated Amortization Logo and Trademarks Accounts Payable Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Note Payable Common Stock Retained Earnings Dividends Sales Revenue Service Revenue Salaries and Wages Expense Rent Expense Utilities Expense Advertising Expense Depreciation Expense Supplies Expense Amortization Expense Interest Expense Income Tax Expense Total Debit $ 16,900 3,750 250 4,800 9,600 9,000 300 0 9,750 2,400 600 500 400 350 250 100 200 $ 59,150 Credit $ 400 250 10,700 200 1,950 200 100 20,000 10,000 0 12,100 3,250 $ 59,150 NOODLECAKE, Inc. Income Statement For the Month Ended September 30, 2018 Revenues Sales Revenue Service Revenue Total Revenues Expenses Salaries and Wages Expense Rent Expense Utilities Expense Depreciation Expense Supplies Expense Advertising Expense Amortization Expense Interest Expense Income Tax Expense Total Expenses Net Income $12,100 3,250 15,350 9,750 2,400 600 500 400 350 250 100 200 14,550 $ 800 NOODLECAKE, Inc. Statement of Retained Earnings For the Month Ended September 30, 2018 Retained Earnings, September 1 Add: Net Income Subtract: Dividends Retained Earnings, September 30 $ 0 800 (0) $ 800 Financial Statements
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NOODLECAKE, INC. Balance Sheet At September 30, 2018 Assets Current Assets Cash Accounts Receivable Supplies Prepaid Rent Total Current Assets Equipment Accumulated Depreciation Equipment, net Software Accumulated Amortization Software, net Logo and Trademarks Total Assets Liabilities and Stockholders’ Equity Liabilities Current Liabilities Accounts Payable Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Total Current Liabilities Note Payable Total Liabilities: Stockholders’ Equity Common Stock Retained Earnings Total Stockholders’ Equity Total Liabilities and Stockholders’ Equity $ 16,900 3,750 250 4,800 25,700 9,200 8,750 300 $43,950 $ 10,700 200 1,950 200 100 13,150 20,000 33,150 10,000 800 10,800 $43,950 NOODLECAKE, INC.
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