Problems Solution... Comprehensive and 100% Accurate...

Jun 10th, 2016
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At the end of each module, you will apply the module’s concepts by completing a comprehensive assignment from the textbook. 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. This must be completed in excel format! The attached file contains the information!

Word Count: 382
Showing Page: 1/5
Accent PhotographyIncome StatementFor the year ended December 31, 2011Service RevenueLess: ExpensesInsurance expenseAdvertising expenseSalary expenseTotal ExpensesNet Income$81,000$8,000$1,000$27,000$36,000$45,000Accent PhotographyStatement of Owner InvestmentFor the year ended December 31, 2011Balance in capital at December 31, 2010Add: Owner investmentAdd: Net IncomeLess: Owner withdrawalsBalance in capital at December 31, 2011$20,000$33,000$45,000($15,000)$83,000Accent PhotographyBalance SheetAs on December 31, 2011AssetsCashAccounts ReceivableEquipmentTotal Assets$31,000$10,000$60,000$101,000Liabilities and EquityAccounts payableNote payableOwners' equityTotal Liabilities and Equity$6,000$12,000$83,000$101,0001. Journal EntriesDateAccount HeadApr 1CashWarren Smith, CapitalApr 5Apr 9Apr 10Apr 19Apr 22Apr 30Apr 30Apr 30Debit$78,000Credit$78,000Rent expenseCash780780LandCash18,00018,000SuppliesAccounts payable1,2001,200CashNotes payable20,00020,000Accounts payableCash800800CashAccounts receivableService revenue5,9004,900Salary expenseRent expenseUtilities expenseCash2,0001,80042010,8004,220Warren Smith, WithdrawalsCash$9,000$9,0002. Posting in the ledger accountsCashDateApr 1Apr 19Apr 30Bal.SuppliesAmtDate$78,000 Apr 5$20,000 Apr 9$5,900 Apr 22Apr 30Apr 30$71,100Amt$780$18,000$800$4,220$9,000DateApr 10

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