S.NO. ACCOUNTS TITLE CR in S Cash Account De Short term note PayableCr 25000 2 C

Question

S.NO. ACCOUNTS TITLE CR in S Cash Account De Short term note PayableCr 25000 2 Cash Account Dr Owners Capital Cr 3 Building Dr. Cash Account Cr Long term Montgage Loan Cr 50000 200000 15000 4Equipment Dr Cash Account Cr 15000 5 Merchandise Inventory Dr 18500 Accounts Payable Cr 6Supplies Dr. Cash Account Cr. 7 15000 Cash Account Dr Sales Revenue Cr 15000 Cost of Goods sold Dr Merchandise Inventory Cr Inventory D 9300 Cash account Cr Accounts Payable Cr 5000 4300 9 Supplies expense Dr Supplies Cr. 0 Accounts rooeivable D 16000 Sales Revenue Cr Cost of Goods sold Dr Merchandise Inventory Cr 1 Cash Account De 8000 Accounts Roccivable Cr. 8000 2Interest Expense Dr Interest payable Cr 1000 1000 13 Wages expense Dr 7000 Wages expense Payable Cr 14 900 Utilities Expense Dr Utilities Expense Payable Cr. 5 Insurance Expense D 400 Cash account Cr. 6 Depreciation Expense Dr. 800 Accumulated Depreciation Cr 800 17 Advertisement Expense D 1100 Advertisement expense Payable Cr 1100 8 Telephone Expense De Telephone Expense Payable Cr

Explanation / Answer

Income Statement Sales Revenue 31000 Less : Cost of goods sold 16000 supplies 600 Interest Expense 1000 Wages Expense 7000 Utilities Expense 900 Insurance Expense 400 Depreciation Expense 800 Advertisement Expense 1100 Telephone Expense 600 Total of Expenses 28400 Net Income 2600 Balance Sheet Assets Non-Current Asset Fixed Tangible Asset Building 250000 Equipment 15000 Total 265000 Less : Accumulated Depreciation 800 264200 Current Asset Cash 75100 Inventory 11800 Supplies 1900 Accounts Receivable 8000 96800 Total of Asset side 361000 Liabilities Owner's Capital 100000 Add : Net Income from Income statement 2600 102600 Non Current Liabilities Long Term Mortgage Loan 200000 Current Liabilities Accounts Payable 22800 Interest Payable 1000 Wages expense Payable 7000 Utilities expense Payable 900 Advertisement expense Payable 1100 Telephone Expense Payable 600 Short Term Notes Payable 25000 58400 361000

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