Complete the questions by entering your answers in the cells highlighted yellow.

Question

Complete the questions by entering your answers in the cells highlighted yellow. Complete PARTS A,B, & C and the short answer question. PART A: CLASSIFY THE FOLLOWING ACCOUNTS WITH THE PROPER ACCOUNT TYPE LETTER GIVEN TO THE RIGHT. Cash ACCOUNT TYPES Accounts Payable A. ASSETS Service Fees B. LIABILITIES R. Ray, Capital C. OWNER'S EQUITY Supplies Rent Expense PART B:   WRITE THE LETTER OF THE PROPER FINANCIAL STATEMENT FOR EACH ACCOUNT Cash FINANCIAL STATEMENT Accounts Payable A. Income Statement Service Fees B. Balance Sheet R. Ray, Drawing C. Statement of Owner's Equity Supplies Rent Expense PART C: SOLVE THE MISSING PIECE OF THE ACCOUNTING EQUATION ASSETS = LIABILITIES + OWNER'S EQUITY                      23,500 =           14,000 +                  9,500                      21,000 =             2,400 +                18,600                      24,106 =             1,985 +                22,121 WHAT IS THE FUNCTION OF AN INCOME STATEMENT? Complete the questions by entering your answers in the cells highlighted yellow. Complete PARTS A,B, & C and the short answer question. PART A: CLASSIFY THE FOLLOWING ACCOUNTS WITH THE PROPER ACCOUNT TYPE LETTER GIVEN TO THE RIGHT. Cash ACCOUNT TYPES Accounts Payable A. ASSETS Service Fees B. LIABILITIES R. Ray, Capital C. OWNER'S EQUITY Supplies Rent Expense PART B:   WRITE THE LETTER OF THE PROPER FINANCIAL STATEMENT FOR EACH ACCOUNT Cash FINANCIAL STATEMENT Accounts Payable A. Income Statement Service Fees B. Balance Sheet R. Ray, Drawing C. Statement of Owner's Equity Supplies Rent Expense PART C: SOLVE THE MISSING PIECE OF THE ACCOUNTING EQUATION ASSETS = LIABILITIES + OWNER'S EQUITY                      23,500 =           14,000 +                  9,500                      21,000 =             2,400 +                18,600                      24,106 =             1,985 +                22,121 WHAT IS THE FUNCTION OF AN INCOME STATEMENT?

Explanation / Answer

PART A: CLASSIFY THE FOLLOWING ACCOUNTS WITH THE PROPER ACCOUNT TYPE LETTER GIVEN TO THE RIGHT. Cash A ACCOUNT TYPES Accounts Payable B A. ASSETS Service Fees C B. LIABILITIES R. Ray, Capital C C. OWNER'S EQUITY Supplies A Rent Expense C PART B:   WRITE THE LETTER OF THE PROPER FINANCIAL STATEMENT FOR EACH ACCOUNT Cash B FINANCIAL STATEMENT Accounts Payable B A. Income Statement Service Fees A B. Balance Sheet R. Ray, Drawing B C. Statement of Owner's Equity Supplies B Rent Expense A PART C: SOLVE THE MISSING PIECE OF THE ACCOUNTING EQUATION ASSETS = LIABILITIES + OWNER'S EQUITY                      23,500 =           14,000 +                  9,500                      21,000 =             2,400 +                18,600                      24,106 =             1,985 +                22,121 WHAT IS THE FUNCTION OF AN INCOME STATEMENT? The function of an Income statement is to close all temporary accounts (Revenue and expense accounts). The Balance of this statement (account) is transferred to owner's capital or retained earnings account.

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