ALCORN SERVICE COMPANY | |||||||||||||
Accounting Equation for 2018 | |||||||||||||
Event | Type of Event | Assets | = | Liabilities | + | Stockholders' Equity | |||||||
Cash | Accounts Receivable | Supplies | Prepaid Rent | Land | = | Accounts Payable | Salaries Payable | Unearned Revenue | + | Common Stock | Retained Earnings | ||
1 | $74,000 | = | + | $74,000 | |||||||||
2 | $4,000 | = | $4,000 | + | |||||||||
3 | ($46,000) | $46,000 | = | + | |||||||||
4 | ($4,000) | = | ($4,000) | + | |||||||||
5 | $70,000 | = | + | $70,000 | |||||||||
6 | ($35,000) | = | + | ($35,000) | |||||||||
7 | $52,000 | ($52,000) | = | + | |||||||||
8 | = | $4,600 | + | ($4,600) | |||||||||
9 | ($2,400) | = | + | ($2,400) | |||||||||
Total | $41,000 | $18,000 | $1,600 | $0 | $46,000 | = | $0 | $4,600 | $0 | + | $74,000 | $28,000 | |
** $4,000 - $1,600 = $2,400. | |||||||||||||
ALCORN SERVICE COMPANY | |||||||||||||
Accounting Equation for 2019 | |||||||||||||
Event | Type of Event | Assets | = | Liabilities | + | Stockholders' Equity | |||||||
Cash | Accounts Receivable | Supplies | Prepaid Rent | Land | = | Accounts Payable | Salaries Payable | Unearned Revenue | + | Common Stock | Retained Earnings | ||
Bal. | $41,000 | $18,000 | $1,600 | $0 | $46,000 | = | $0 | $4,600 | $0 | + | $74,000 | $28,000 | |
1 | $34,000 | = | + | $34,000 | |||||||||
2 | ($4,600) | = | ($4,600) | + | |||||||||
3 | ($7,800) | $7,800 | = | + | |||||||||
4 | $46,000 | ($46,000) | = | + | |||||||||
5 | $9,000 | = | $9,000 | + | |||||||||
6 | $2,400 | = | $2,400 | + | |||||||||
7 | $46,000 | = | + | $46,000 | |||||||||
8 | $47,000 | ($47,000) | = | + | |||||||||
9 | ($6,000) | = | + | ($6,000) | |||||||||
10 | ($33,500) | = | + | ($33,500) | |||||||||
11 | ($6,500) | = | + | ($6,500) | |||||||||
12 | = | + | |||||||||||
13 | ($2,300) | = | + | ($2,300) | |||||||||
14 | = | $5,300 | + | ($5,300) | |||||||||
15 | $1,800 | = | + | $1,800 | |||||||||
Total | $125,100 | $18,800 | $1,700 | $1,300 | $0 | = | $2,400 | $5,300 | $9,000 | + | $108,000 | $22,200 | |
*** $7,800/12 months * 10 months = $6,500 (from March to December) | |||||||||||||
*** $9,000/12 months * 3 months = $2,250 (from October to December) | |||||||||||||
*** $1,600 + $2,400 - $1,700 = $2,300 |
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1....
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