Transactions directly in the T accounts
Cash |
|||
a. |
$30,000 |
b. |
$2,500 |
g. |
$9,000 |
c. |
$6,000 |
e. |
$2,100 |
||
f. |
$3,600 |
||
h |
$2,600 |
||
i |
$4,000 |
||
j |
$1,875 |
||
m |
$6,000 |
||
n |
$1,300 |
||
Bal. |
$9025 |
||
Accounts Receivable |
|||
l |
$31,400 |
||
Supplies |
|||
e. |
$2,100 |
||
Prepaid Insurance |
|||
f. |
$3,600 |
||
Automobiles |
|||
c. |
$28,500 |
||
Equipment |
|||
d. |
$8,000 |
||
Notes Payable |
|||
j |
$1,875 |
c. |
$22,500 |
Bal. |
$20,625 |
||
Accounts Payable |
|||
i |
$4,000 |
d |
$8,000 |
k |
$5,500 |
||
Bal. |
$9,500 |
||
Common Stock |
|||
a |
$30,000 |
||
Professional Fees |
|||
g. |
$9,000 |
||
l |
$31,400 |
||
Bal. |
$40,400 |
||
Salary Expense |
|||
m. |
$6,000 |
||
Blueprint Expense |
|||
k |
$5,500 |
||
Rent Expense |
|||
b. |
$2,500 |
||
Misc. Expense |
|||
h |
$2,600 |
||
Automobile Expense |
|||
n. |
$1,300 |
||
UNADJUSTED TRIAL BALANCE |
|||
01/01/18 |
|||
ACCOUNT TITLE |
DEBIT |
CREDIT |
|
1 |
Cash |
$9025 |
|
2 |
Accounts Receivable |
$31,400 |
|
3 |
Supplies |
$2,100 |
|
4 |
Prepaid Insurance |
$3,600 |
|
5 |
Automobiles |
$28,500 |
|
6 |
Equipment |
$8,000 |
|
7 |
Notes Payable |
$20,625 |
|
8 |
Accounts Payable |
$9,500 |
|
9 |
Common Stock |
$30,000 |
|
10 |
Professional Fees |
$40,400 |
|
11 |
Salary Expense |
$6,000 |
|
12 |
Blueprint Expense |
$5,500 |
|
13 |
Rent Expense |
$2,500 |
|
14 |
Automobile Expense |
$1,300 |
|
15 |
Miscellaneous Expense |
$2,600 |
|
16 |
Totals |
$100,525 |
$100,525 |
Calulation of net income |
|||
Professional Fees |
$40,400 |
||
Less: Expenses |
|||
Salary Expense |
$6,000 |
||
Blueprint Expense |
$5,500 |
||
Rent Expense |
$2,500 |
||
Automobile Expense |
$1,300 |
||
Miscellaneous Expense |
$2,600 |
$17,900 |
|
Net income |
$22,500 |
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