Service Revenues Rent Revenues 2. Deprecia Total Revenues 3. The note Expenses ($20,000 X Supplies Expenses Depreciation Expenses 4. Seven cu Utilities Expenses of $600 beg Salaries & Wage Expenses Rent Expenses Interest Expenses 5. Lawn ser Total Expenses Net Income (or Net Loss) date Skolnick Company Owner's Equity Statement for quarter ending June 30, 2012 4/30/12 Add: Investments Net Income (or Net Loss) 4/30/12 Less: Drawings 4/30/12 Skolnick Company Balance Sheet 4/30/12 at June 30, 2012 Assets Cash 4/30/12 Accounts Receivable Supplies PrePaid Rent G Owner's Capital , April 01 Owner's Capital , June 30
Equipment Accumulated Depreciation-Equipment Total Assets Liabilities & Owner's Equity Liabilities Notes Payable Accounts Payable UnEarned Service Revenue Salary & Wages Payable Interest Payable Total Liabilities Owner's Equity Owner's Capital Total Liabilities & Owner's Equity In an adjusted trial balance, all asset, liability, revenue, and expense accounts are properly stated. To determine the ending balance in Owner’s Capital, add net income and subtract dividends.
Permanent Accounts 101 Cash 112 Accounts Receivable 126 Supplies 130 PrePaid Insurance 157 Equipment 158 Accumulated Depreciation-Equipment 200 Notes Payable 201 Accounts Payable 209 UnEarned Service Revenues 212 Salary & Wages Payable 230 Interest Payable 301 Owner's Capital 12
Owner's Capital 301 date Explanation ref Debit Credit Balance 10/1/12 J1 $ 10,000.0 ### 10/31/12 closing entry J3 2,860.0 12,860.0 10/31/12 closing entry J3 $ 500.0 ### Temporary Accounts 306 Owner's Drawings 350 Income Summary 400 Service Revenues 631 Supplies Expense 711 Depreciation Expense 722 Insurance Expense 726 Salary & Wages Expense 729 Rent Expense 905 Interest Expense 9
hensive Problem Appendi mas opens the Green Thumb Lawn Care Company on April 1, 2012. Alternative 1/31/2019 Regarding: the compan Debit Credit the compan alternative Receivable (1) When a it debits surance 3,600.0 (2) When it t 28,000.0 it credits ed Depreciation-Equipment able 20,000.0 In the appe Payable the differen Service Revenues 4,200.0 This alterna Wages Payable unearned r yable as the proc apital rawings PrePaid Exp venues 1,800.0 nues PrePaid Exp xpense of time (ins on Expense pense If, at the tim Wages Expense to consume nse statement d pense an expense This alterna The accoun Supplies $1 ns e adjusting entries for the month of April. Show computations. 10/5/12 In the case en Thumb Lawn Care Company, April 30, 2012 Trial Balance, partial In the case
veals the following additional data. insurance is the cost of a 2-year insurance policy, effective April 1. 4 = $150 per month) $ 150.0 10/31/12 ation on the equipment is $500 per month. $ 500.0 e payable is dated April 1. It is a 6-month, 12% note. (6/12) X 12% X (1/6) = $200) $ 200.0 ustomers paid for the company’s 6 months’ lawn service package ginning in April. The company performed services for these customers in April. $ 700.0 10/5/12 rvices provided other customers but not recorded at April 30 totaled $1,500.
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