Assign_2_-_Solutions_to_Practice_Problem

Blueprint expense 1200 automobile expense 600

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Blueprint Expense 1,200 Automobile Expense 600 Miscellaneous Expense 300 78,350 78,350
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4. Net income, $13,650 ($21,050 – $3,500 – $1,800 – $1,200 – $600 – $300)
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Prob. 2–2A 1. (a) Cash ....................................................................... 20,000 Capital Stock ..................................................... 20,000 (b) Rent Expense ......................................................... 3,750 Cash .................................................................. 3,750 (c) Supplies .................................................................. 1,100 Accounts Payable ............................................. 1,100 (d) Accounts Payable ................................................... 400 Cash .................................................................. 400 (e) Cash ....................................................................... 16,750 Sales Commissions ........................................... 16,750 (f) Automobile Expense ............................................... 1,000 Miscellaneous Expense .......................................... 700 Cash .................................................................. 1,700 (g) Office Salaries Expense ......................................... 2,150 Cash .................................................................. 2,150 (h) Supplies Expense ................................................... 600 Supplies ............................................................. 600 (i) Dividends ................................................................ 1,000 Cash .................................................................. 1,000 2. Cash Sales Commissions (a) 20,000 (b) 3,750 (e) 16,750 (e) 16,750 (d) 400 (f) 1,700 Rent Expense (g) 2,150 (b) 3,750 (i) 1,000 Bal. 27,750 Supplies Office Salaries Expense (c) 1,100 (h) 600 (g) 2,150 Bal. 500
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Accounts Payable Automobile Expense (d) 400 (c) 1,100 (f) 1,000 Bal. 700 Capital Stock Supplies Expense (a) 20,000 (h) 600 Dividends Miscellaneous Expense (i) 1,000 (f) 700 3. HEAVENLY REALTY Unadjusted Trial Balance October 31, 2012 Debit Credit Balances Balances Cash 27,750 Supplies 500 Accounts Payable 700 Capital Stock 20,000 Dividends 1,000 Sales Commissions 16,750 Rent Expense 3,750 Office Salaries Expense 2,150 Automobile Expense 1,000 Supplies Expense 600 Miscellaneous Expense 700 37,45037,450 4. a. $16,750 b. $8,200 ($3,750 + $2,150 + $1,000 + $600 + $700) c. $8,550 ($16,750 – $8,200) 5. $7,550 ($8,550 – $1,000) increase in retained earnings
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