gregorygarver.com

[jaki8_2000]

43. Use the following information to calculate at, or for the year ended, December 31, 2003 (a) net income, (b) ending retained earnings, and (c) total assets. Supplies $ 500 Revenues $20,000 Wages expense 10,000 Cash 16,000 Accounts payable 11,000 Dividends 8,000 Accounts receivable 4,000 Notes payable 2,000 Common stock 10,000 Equipment 8,500 Retained earnings (beg.) 4,000For part (a), show what accounts and amounts you are using to determine net income, for (b), what accounts and amounts to determine ending retained earnings, and (c) what accounts and amounts to determine total assets. 44. Journalize the following business transactions in general journal form. Identify each transaction by number. 1. Stockholders invest $20,000 in cash in starting a real estate office operating as a corporation. 2. Purchased $400 of office supplies on credit. 3. Purchased office equipment for $7,500, paying $2,500 in cash and signed a 30-day, $5,000, note payable. 4. Real estate commissions billed to clients amount to $5,000. 5. Paid $700 in cash for the current month's rent. 6. Paid $200 cash on account for office supplies purchased in transaction 2. 7. Received a bill for $500 for advertising for the current month. 8. Paid $2,200 cash for office salaries. 9. Paid $1,200 cash dividends to stockholders. 10. Received a check for $4,000 from a client in payment on account for commissions billed in transaction 4.

[RupturedDuck]

Time to do your own homework.

[gogo7]

First you need to determine balance sheet items (assets, liabilities, equity) and income statement items (income, expense).Supplies $ 500 Cash 16,000Accounts receivable 4,000 Equipment 8,500Common stock 10,000 Notes payable 2,000Accounts payable 11,000 Retained earnings (beg.) 4,000 Revenues $20,000Wages expense 10,000 Dividends 8,000For the second part of the help, it looks like they mostly buying things or paying for things. The question you need to ask for each of these - is it cash or credit. Then are they buying something that's an asset or investment? Or is it an expense?If they paid cash, that's a given that it's going to decrease cash. It's the other side of the trans you get to figure out. So credit to cash and debit to what? The same when they receive cash. What are they receiving the cash for?

[GW]

The purpose of homework is to teach you. If someone else does it for you, you will not learn

[InsideMan776173]

ADrCrCash16000Accounts Receivable4000Equipment850028500Total AssetsAccounts Payable11000Notes Payable2000Common Stock10000Dividends8000Retained Earnings4000Earnings950028500Total LiabilitiesRevenues20000Wages10000Supplies500Net Income9500Here is the first part

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