Question

Prepare a chart of accounts. Start by selecting the balance sheet accounts, and then complete the chart of accounts by selecting the income statement accounts the accounts. Il a box is not used in the chant of accounts, leave the box empty Note that in some cases in may be necessary to select a general account in which Balance Sheet Accounts More Info Assets Liabilities Owner's Equity Microsoft Surface Tablet Salary Expense Accounts Payable Accounts Receivable Repair Expense Legal Fees L. Janas, Capital Cash Advertising Expense L. Janas, Withdrawals Print Done

Answer 1

Income statement Revenue: Legal fees Less: Operating expense Salary Expense Repair Expense Advertising Expense Net Income

Balance Sheet Accounts Liabilities: xxxx Accounts payable XXXX Assets: Cash Accounts receivable Microsoft Surface tablet Owner's equity L.Janas, capital Less: L.jan withdrawals Add Net Income XXXX (XXXX) XXXX

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Accounts Affected	Category	Increases	Decreases	Appears on which financial statements
Computer supplies	Asset	Dr.	Cr.	Balance sheet
Legal fees earned	Owner's equity	Cr.	Dr.	Income statement
P.roy withdrawals	Owner's equity	Dr.	Cr.	Balance sheet
Accounts payable	Liabilities	Dr.	Cr.	Balance sheet
Salaries expense	Owner's equity	Dr.	Cr.	Income statement
Auto	Asset	Dr.	Cr.	Balance sheet

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