ACC 205 WEEK 1 Assignment – Problems and Cases 1 PDF

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Week 1 Challenges and Cases P1-42, Page 44 Transactions Cash Property Equipment Property Accounts Receivable Supplies = Liabilities (Accounts Payable ) + C. Redmon Capital + Revenues – Expenses 1 +10, 000

= + + 10, 000

2 –500

= -500

3 – 2, 000 +2, 000

=

4 +3600

= +3600

5

+300 = +300

6 +1700 = +1700

7

=

8 -200

= -200

9 +800

+800

T 8100 5600 1700 300 = 3900

+ 10, 000 + 2500 – 700

Redmon Consulting Income Statement For the Month Ended December 31, 2007 Revenue Revenue $2, 500 Expenses Rent Expenses $500 Power Expenses $200 Total Expenses $700 Net Profit $1, 800 Redmon Consulting Statement of Owners Equity For the Month Ended December 31, 2007 C. Redmond Capital, December 1, 2007 $0 Plus: Investments by owner $10, 000 Net Income $1, 800 Much less: Withdrawals by owner $0 C. Redmond Capital, December 31, 2007 $11, 800 Redmon Consulting Balance Sheet Intended for the Month Ended December 31, 2007 Assets Liabilities Cash $8, 100 Accounts payable $3, 900 Supplies $300 Total Liabilities $3, 900 Gear $5, 600 Equity Accounts Receivable $1700

R. Redmon, Capital $11, 800 Total Assets $15, 700 $15, 700 P2-43B Missing Link Exploration Company Trial Balance March 31, 2007 Balance Account Title Debit Credit Cash $5, 200 Accounts receivable $2, 540 Supplies $600 Exploration equipment $21, 300 Computers $46, 000 Accounts payable $2, 700 Note payable $18, 300 Jack Bellard, Capital $50, 800 Jack Bellard, Withdrawals $5, 000 Service revenue $11, 800 Salary expense $1, 300 Rent expense $850 Advertising $300

Tools expense $260 Total $83, 350 $83, 600...