Homework Answers
Ans.1)
| ACCOUNTS | INCOME STATEMENT | BALANCE SHEET | ||
| DEBIT | CREDIT | DEBIT | CREDIT | |
| Bank | 1722.16 | |||
| A/R- H. Chan | 116 | |||
| A/R- M. Watson | 72 | |||
| A/R- J.Young | 323 | |||
| Supplies | 1255 | |||
| Office Equipment | 5863 | |||
| Automobiles | 13200 | |||
| A/P- City Hydro | 116.42 | |||
| A/P- O. K. Suppy | 421.72 | |||
| A/P- Slick Oil Co. | 331.19 | |||
| Bank Loan | 10000 | |||
| P. Arthur, Capital | 10504.82 | |||
| P. Arthur, Drawings | 1000 | |||
| Consulting fees | 4903.17 | |||
| Advertising Exp | 465.12 | |||
| Automobile Exp | 270 | |||
| Bank Charge Exp | 56.4 | |||
| Miscellaneous Exp | 113.74 | |||
| Rent Exp | 400 | |||
| Salaries Exp | 1280 | |||
| Telephone Exp | 25.6 | |||
| Utilities exp | 115.3 | |||
| 2726.16 | 4903.17 | 23551.16 | 21374.15 | |
| Net Income | 2177.01 | 2177.01 | ||
| 4903.17 | 4903.17 | 23551.16 | 23551.16 | |
Ans. 2)
Control account balance for Accounts Receivables
| ACCOUNTS | DEBIT | CREDIT |
| A/R- H. Chan | 116 | |
| A/R- M. Watson | 72 | |
| A/R- J.Young | 323 | |
| Balance | 511 |
Control accounts balance for Accounts Payable
| ACCOUNTS | DEBIT | CREDIT |
| A/P- City Hydro | 116.42 | |
| A/P- O. K. Supply | 421.72 | |
| A/P- Slick Oil Co. | 331.19 | |
| Balance | 869.33 |
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