April 23, 2014

Homework Help: RE: Account

Posted by Jon on Friday, October 21, 2011 at 4:39pm.


I never posted my work yet. Sorry. Here is the question then my answer which I cannot solve!! I cant balance out the balance sheet.... I have spent 2 days on this... Please help:

Prepare a Trial Balance, an Income Statement and a Balance Sheet.

Doris' Custom Designs

Jan. 1 Doris deposits $10,000 in the bank to start her business.
(Hint: use "misc. credit" column.)

Jan. 2 Doris pays $800 for rent for January. (Cheque #100)

Jan. 6 Doris pays $1,200 to a local newspaper for an "advertorial". (Cheque #101)

Jan. 6 Doris receives $2,200 cash for her first design consultation.

Jan. 10 Doris pays $600 to a part-time secretary. (Cheque #102)

Jan. 11 Doris purchases office supplies for $160. (Cheque #103)

Jan. 15 Doris receives $1,200 cash for another design consulting job.

Jan. 20 Doris purchases new computer equipment for $3,600. (Cheque #104)

Jan. 24 Doris pays $400 to produce flyers promoting her business. She uses cheque #105.

Jan. 30 Doris receives her telephone bill for January for $180. She pays it with cheque #106.

Jan. 30 Doris pays $160 to the hydro company for her office, using cheque #107.

Jan. 31 Doris receives $3,800 for a large consulting job that she has just completed.

Doris' Custom Designs
Income Statement
For the Month Ended January 31, 2005

Sale Revenue $7,200
Cost of Sales 0
Gross Profit 7,200

Rent Expense $800
Utilities Expense 340
Salaries & Wages Expense 600
Advertising Expense 1,600
Supplies Expense 160
Equipment Purchase 3,600

Total Expenses $7,100

Net Income $100

Balance Sheet
Doris' Custom Designs
December 31, 2010


Current Assets
Cash $10,100
Supplies On Hand 160
Total Current Assets $10,260

Fixed Assets
Equipment, at cost $3,600
Total Fixed Assets $3,600
Total Assets $13,860

Liabilities and Owner's Equity

Current Liabilities
Salaries & Wages Payable 0
Total Current Liabilities $0
Long Term Liabilities
Bank Loan 0
Total Liabilites $0
Owner's Equity
A. Smith, Capital, December 31, 1998 $10,000
Add: Net Income 100
- 10,100
Less: Withdrawals 0
Balance, December 31, 2010 $10,100

Total Liabilities and Owner's Equity $10,100

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