Description
QUESTION 1
| Fishing Revenue | $ 42,000 | Unearned Revenue | $ 16,000 | |
| Boat Expense | $ 7,000 | Miscellaneous Expense | $ 1,000 | |
| Dividends | $ 2,000 | Account Payable | $ 2,600 | |
| Wage Expense | $ 4,700 | Account Receivable | $ 3,800 | |
| Cash | $ 12,000 | Truck Expense | $ 1,300 | |
| Prepare an Income Statement for Baffin Enterprises for the year ended June 30, 2019. |
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(You may not need to use every account listed.)
QUESTION 2
| Account Receivable | $ 45,000 | ||||
| Service Revenue | $ 775,000 | ||||
| Net income for 2019 | $ 375,000 | ||||
| Cash | $ 75,000 | ||||
| Dividends | $ 100,000 | ||||
| Prepare a Statement of Retained Earnings for B&B Service for the year ended December 31, 2020, their first year of operations. | |||||
| You may not need to use every item. | |||||
QUESTION 3
| Common Stock | $ 55,000 | Salary Expense | $ 16,000 | |||
| Supplies Expense | $ 6,000 | Supplies | $ 6,000 | |||
| Account Receivable | $ 13,000 | Unearned Revenue | $ 6,000 | |||
| Account Payable | $ 10,000 | Cash | $ 30,000 | |||
| Retained Earnings | $ 18,000 | Land | $ 40,000 | |||
| Using the information above, prepare a balance sheet for Javier’s QuickBooks
Company |
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| as of June 30, 2020. (You may not need all of the information provided.) | ||||||
QUESTION 4
| Prepare journal entries for the following: | ||||||||
| 1-Feb | Opened a business bank account with a deposit of $15,000 in exchange for common stock. | |||||||
| 2-Feb | Purchased office equipment on account for $4,900. | |||||||
| 3-Feb | Provided Accounting Consulting Services in exchange for cash, $19,900 | |||||||
| 4-Feb | Provided Accounting Consulting Services on account, $3,900. | |||||||
| 5-Feb | Paid salary expense in cash, $500. | |||||||
| 6-Feb | Collected cash of $1,000 for a job to be performed in March. | |||||||
| 7-Feb | Purchased Office Supplies for cash, $250. | |||||||
| 8-Feb | Paid rent for the month, $600. | |||||||
| 9-Feb | Received the utility bill and will pay it next month, $200. | |||||||
| 10-Feb | Paid rent in advance for March, April, May, $1,800 total. | |||||||
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