3 ACCOUNT 4 Cash 5 Bank 6 Accounts Payable 7 Salaries and wages Payable 8 Retain
ID: 2400306 • Letter: 3
Question
3 ACCOUNT 4 Cash 5 Bank 6 Accounts Payable 7 Salaries and wages Payable 8 Retained Earnings 9 Prepaid Insurance 10 Unearned Service Revenue 11 Allow ance for doubtful accour 12 Land 13 Loss onland 14 Depreciation expense 15 Car Expense 16 Home Expense 17 Eating Expense 18 School Expense 19 Shopping Expense 20 Entertainment Expense 21 Salaries and Wages Expense 22 Insurance expense 23 Uncollectible expense 24 Accumulated depreciation DEBIT CREDIT 44,746.50 510.00 30,064.83 300.00 51,600.00 500.00 2,200.00 2,900.00 2,000.00 500.00 556.81 400.41 123.14 150.00 22.28 229.16 300.00 500.00 1,900.00 500.00 18.200.00 25 Service Revenue 26 COGS 27 Computer Equipment 28 Inventory 29 Accounts Receivable 10,000.00 11,000.00 5,000.00 23,000.00 30 Performed Services 31 Total 32 1,673.47 107.438.30 107.438.30 34 35 3BExplanation / Answer
Statement of Retained Earnings
Particulars
Amount ($)
Retained Earnings - Beginning Balance
51,600.00
Add: Net Income for the year
1,518.20
Retained Earnings – Ending Balance
53,118.20
Workings for Calculating Net Income for the year
INCOME STATEMENT
Particulars
Amount ($)
Amount ($)
Revenues and Gains
Service Revenue
18,200.00
Total Revenues and Gains
18,200.00
Expenses and Losses
Cost of goods sold
10,000.00
Car Expenses
556.81
Home Expenses
400.41
Eating Expenses
123.14
School Expenses
150.00
Shopping Expenses
22.28
Entertainment Expenses
229.16
Salaries and Wages Expenses
300.00
Insurance Expenses
500.00
Uncollectible Expenses
1,900.00
Loss on Land
2,000.00
Depreciation Expenses
500.00
Total Expenses and Losses
16,681.80
Net Income
1,518.20
Statement of Retained Earnings
Particulars
Amount ($)
Retained Earnings - Beginning Balance
51,600.00
Add: Net Income for the year
1,518.20
Retained Earnings – Ending Balance
53,118.20
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