1.Which of the following transactions will affect the balance of? Owner, Capital?
A.
collection on account
B.
paid accounts payable
C.
paid rent expense for the month
D.
purchased land for cash
2..Which of the following appears on both the income statement and statement of? owner's equity? A. Net income B. ?Owner, Capital, ending balance C. Total revenues D. ?Owner, Withdrawals
3.A liability created when a business receives cash from customers in advance of providing services or delivering goods is called? a(n) ________.
A.
notes receivable
B.
unearned revenue
C.
accrued liability
D.
service revenue
1.Which of the following transactions will affect the balance of? Owner, Capital?
A.
collection on account
B.
paid accounts payable
C.
paid rent expense for the month
D.
purchased land for cash
2..Which of the following appears on both the income statement and statement of? owner's equity? A. Net income B. ?Owner, Capital, ending balance C. Total revenues D. ?Owner, Withdrawals
3.A liability created when a business receives cash from customers in advance of providing services or delivering goods is called? a(n) ________.
A.
notes receivable
B.
unearned revenue
C.
accrued liability
D.
service revenue
Related questions
Presented here are the accounts of
Town and Country RealtyTown and Country Realty
for the year ended
DecemberDecember
Land | $10,000 | Owner contribution, 2018 | $36,000 | |
Notes Payable | 29,000 | Accounts Payable | 10,000 | |
Property Tax Expense | 2,400 | Accounts Receivable | 1,300 | |
Hicks, Withdrawals | 36,000 | Advertising Expense | 12,000 | |
Rent Expense | 8,000 | Building | 194,800 | |
Salaries Expense | 63,000 | Cash | 2,200 | |
Salaries Payable | 800 | Equipment | 13,000 | |
Service Revenue | 235,000 | Insurance Expense | 1,800 | |
Office Supplies | 9,000 | Interest Expense | 7,300 | |
Hicks, Capital, Dec. 31, 2017 | 50,000 |
PrintDone
3131â,
20182018.
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â(Click the icon to view theâ accounts.)
Requirements
1. | Prepare Town and Country Realty'sTown and Country Realty's income statement. |
2. | Prepare the statement ofâ owner's equity. |
3. | Prepare the balance sheet. |
Requirement 1. Prepare
Town and Country Realty'sTown and Country Realty's
income statement.
Town and Country Realty | ||||
Income Statement | ||||
Year Ended December 31, 2018 | ||||
Revenues: | ||||
Service Revenue | ||||
Expenses: | ||||
Salaries Expense | ||||
Insurance Expense | ||||
Advertising Expense | ||||
Rent Expense | ||||
Interest Expense | ||||
Property Tax Expense | ||||
Total Expenses | ||||
Net Income | ||||
