Description
Complete these problems from your text book: (P1-44B page 47 & P2-46B page 111) related to transaction analysis, journal entries for typical business transactions, adjusting entries and preparation of the trial balance and adjusted trial balance.
Present your analysis of the assigned problems in Excel format. Enter non-numerical responses in the same worksheet using textboxes.

Explanation & Answer

Don't forget to rename your file according to this format LastnameFirstInitial_M1A4.Excel.xls
Accent Photography
Income statement
As at 31st Dec 2011
Service revenue
Selling, General and administrative Expenses
Insurance expenses
Advertising expenses
Salary expense
Total expenses
Net income
$81,000
$8,000
$1,000
$27,000
$36,000
$45,000
Accent Photography
Accent Photography
Statement of owner's equity
As at 31st Dec 2011
Owners equity as at 31 dec 2010
$20,000
Add: Owners investment
$33,000
: Net income
$45,000
$98,000
Deduct: Owners withdrawal
$15,000
Owners equity as at 31 dec 2011
$83,000
Balance sheet
As at 31st Dec 2011
Assets
Current assets
Cash
$31,000
Account receivable $10,000
Total current assets
$41,000
Long term assets
Equip...

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