PROBLEM 2 15 POINTS 5 POINTS EACH STATEMENT The following account information as

Question

PROBLEM 2 15 POINTS 5 POINTS EACH STATEMENT The following account information as of December 31, 2006 year-end (prior to closing entries) for Baker is: S 55 Cash Allowance for doubtful Sales Accounts Accounts Payable Salary Exp Equipment Retained earnings Inventory Accounts Receivable Common stock Unearned rent revenue Prepaid Insurance Rent expense 70 20 47 30 26 14 15 35 15 Rant epence Cost of Goods Sold Net Invorme Accumulated Depreciation 5 PLEASE PREPARE IN PROPERTY FORMAT THE INCOME STATEMENE RETAINED EARNINGS, AND THE BALANCE SHEET FOR THE AB PERIOD. OVE Balme Shet licbih E55 Atants Payr ble defa dotfl_.6 Reped 1‰rante-// IS Asset 47 .3s -6 nen 30 Lovi

Explanation / Answer

Part 1 )

Part B)

Date Account Debit credit June a Unearned service revenue 600 service revenue 600 [Being services provided for cash received in may] b Rent expense 1000 Rent payable 1000 cash 2000 [being rent for month of may due and june paid]

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