Pr1 1,Pr1 2a Essay

642 words - 3 pages

PR1-1A
On September 1 of the current year, Maria Edsll established a business to manage rental property. She completed the following transactions during September:
a. Opened a business bank account with a deposit of $40,000 from personal funds.
b. Purchased supplies (pens, file folders, and copy paper) on account, $2,200.
c. Received cash from fees earned for managing rental property, $6,000.
d. Paid rent on office and equipment for the month, $2,700.
e. Paid creditors on account, $1,000.
f. Billed customers for fees earned for managing rental property, $5,000.
g. Paid automobile expenses (including rental charges) for month, $600, and miscellaneous expenses, $300.
h. Paid office ...view middle of the document...

– 1,800 –1,800
Bal. 37,700 5,000 1,300 1,200 40,000 –1,800 11,000 – 2,700 – 1,900 – 900 – 600 – 300

2. Owner’s equity is the right of owners to the assets of the business. These rights are increased by owner’s investments and revenues and decreased by owner’s withdrawals and expenses.

3. $4,600 ($11,000 – $2,700 – $1,900 – $900 – $600 – $300)

4. September’s transactions increased Maria Edsall’s capital by $2,800 ($4,600 – $1,800), which is the excess of September’s net income of $4,600 over Maria Edsall’s withdrawals of $1,800.

PR 1-2A
1. Prepare a income statement for the current year ended December 31

NEW WORLD TRAVEL AGENCY
Income Statement
For the Year Ended December 31, 2012

Fees earned $200,000
Expenses:
Wages expense $90,000
Rent expense 45,000
Utilities expense 18,000
Supplies expense 3,000
Miscellaneous expense 4,000
Total expenses 160,000
Net income $ 40,000

2.Prepare a retained earnings statement for the current year ending Dec. 31

NEW WORLD TRAVEL AGENCY
...

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