2.prepare an equation analysis 3.prepare a debit-credit analysis 4.journalize th

Question

2.prepare an equation analysis 3.prepare a debit-credit analysis 4.journalize the transactions 5. Using T-accounts,post the journal entries to the general ledger and determine the ending balance in each account.



Question:2 2.prepare income statement for the year 3.prepare a statement of changes in equity for the year 4.prepare a statement of financial position for the year(ASSETS,liabilities and shareholder equity)

Selected transactions for the Oriole Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $ 19.800 cash. 2 Performed $9,600 of services on account for a customer. 4 Purchased equipment for $ 13,100, paying $ 5,100 in cash and borrowing the balance from the bank 10 Purchased $490 of supplies on account. 25 Received $ 4,000 cash in advance for architectural services to be provided next month. 30 Paid $ 294 on account in partial payment of amount owing for supplies. (See September 10 transaction.) 30 Collected $5,000 on account owing from customer (see September 2 transaction).

Explanation / Answer

Trial balance :

Income statement

Statement of change in equity :

Balance sheet :

Debit credit Cash 10700 Held for trading investment 19000 Account receivable 13600 Prepaid insurance 200 Equipment 99600 Accumlated depreciation-equipment 21200 Account payable 9400 Salaries payable 700 Bank loan payable 39100 Common Share 38000 Retained earnings 21200 Dividend 800 Service revenue 76600 Rent expense 8700 Repairs and maintenance 10300 Salaries expense 25200 Depreciation expense 9600 Insuranc expense 1900 Interest expense 3500 Income tax expense 3100 Total 206200 206200

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.