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CH 1 Prob 4 Solution

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23 views3 pages

CH 1 Prob 4 Solution

Uploaded by

Wepa Akiyew
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Prob.

1-4A
1. Liabilitie
Assets = s + Owner's Equity
Supplie
Accts. Pat Glenn, Pat Glenn, Sales Salaries Rent Auto s Misc.
Cash + Supplies = Payable + Capital – Drawing + Comm. – Exp. – Exp. – Exp. – Exp. – Exp.
(a) + 25,000 + 25,000
(b) _________ + 1,850 + 1,850 _________
Bal. 25,000 1,850 1,850 25,000
(c) – 1,200 ________ – 1,200 _________
_
Bal. 23,800 1,850 650 25,000
(d) + 41,500 ________ ________ _________ + 41,500
_
Bal. 65,300 1,850 650 25,000 41,50
0
(e) – 3,600 ________ ________ _________ _________ – 3,600
_
Bal. 61,700 1,850 650 25,000 41,50 – 3,600
0
(f) – 4,000 ________ ________ _________ – 4,000 _________ _______
_ _
Bal. 57,700 1,850 650 25,000 – 4,000 41,50 – 3,600
0
(g) – 4,650 ________ ________ _________ _________ _________ _______ – 3,050 – 1,600
_ _
Bal. 53,050 1,850 650 25,000 – 4,000 41,50 – 3,600 – 3,050 – 1,600
0
(h) – 5,000 ________ ________ _________ _________ _________ – 5,000 _______ _______ __________
_ _ _
Bal. 48,050 1,850 650 25,000 – 4,000 41,50 – 5,000 – 3,600 – 3,050 – 1,600
0
(i) _________ – 900 ________ _________ _________ _________ _______ _______ _______ – 900 __________
_ _ _
Bal. 48,050 950 650 – 4,000 – 5,000 – 3,600 – 3,050 – 900 – 1,600
25,000 41,500
Prob. 1-4A (Concluded) 2.
2. HALF MOON REALTY
Income Statement
For the Month Ended July 31, 2019
Sales commissions $41,500
Expenses:
Salaries expense $5,000
Rent expense 3,600
Automobile expense 3,050
Supplies expense 900
Miscellaneous expense 1,600
Total expenses 14,150
Net income $27,350

HALF MOON REALTY


Statement of Owner’s Equity
For the Month Ended July 31, 2019
Pat Glenn, capital, July 1, 2019 $ 0
Investment on July 1, 2019 $25,000
Net income for July 27,350
Withdrawals (4,000)
Increase in owner’s equity 48,350
Pat Glenn, capital, July 31, 2019 $48,350

HALF MOON REALTY


Balance Sheet
July 31, 2019
Assets
Cash $48,050
Supplies 950
Total assets $49,000
Liabilities
Accounts payable $ 650
Owner’s Equity
Pat Glenn, capital 48,350
Total liabilities and owner’s equity $49,000

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