ACC205 Week 1 Guidance Report.docx

Instructions a prepare an income statement for the

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Instructions a. Prepare an income statement for the month ending October 31, 20X6. b. Prepare a statement of owner’s equity for the month ending October 31, 20X6. c. Prepare a balance sheet as of October 31, 20X6
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Chapter 2 Exercise 3 Basic journal entries. The following April transactions pertain to the Jennifer Royall Company: 4/1: Received cash of $15,000 and land valued at $10,000 from Jennifer Royall as an investment in the business. 4/5: Provided $1,200 of services to Jason Ratchford, a client. 4/5: Ratchford agreed to pay $800 in 15 days and the remaining amount in May. 4/9: Paid $250 in salaries to an employee. 4/19: Acquired a new computer for $3,200; Royall will pay the dealer in May. 4/20: Collected $800 from Jason Ratchford for services provided on April 5. 4/24: Borrowed $7,500 from Best Bank by securing a 6-month loan. waL80144_02_c02_027-052.indd 22 8/29/12 2:43 PM 49 Problems CHAPTER 2 Prepare journal entries (and explanations) to record the preceding transactions and events.
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  • Fall '10
  • Balance Sheet, Owner’s Equity, Owner Investments, Thompson Decorating Services, c. Prepare Grimball

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