Question

T-Accounts? Net Income? Total Assets?

View traruction list ...... View journal entry worksheet ........ No Event General Joumal Debit Credit Cash 58,000 Common stock 58,000 Accounts receivable 110,000 Service revenue 110,000 Salaries expense 76,000 Cash 76,000 Supplies 16,000 Accounts payable 16,000 Cash 15 90,000 Accounts receivable 90,000 Accounts payable 11,700 11,700 Cash 5,800 7. Dividends 5,800 Cash 11.400 Supplies expense 11,400

Answer 1

T Accounts

Assets					Liabilities					Stockholders Equity
Cash					Accounts Payable					Common Stock
1 Common Stock	58000	76000	3 Salaries Expense		6 Cash	11700	16000	4 Supplies				58000	1 Cash
5 A/c Receivable	90000	11700	6 A/c Payable
		5800	7. Dividends
Bal	54500				Bal		4300			Bal		58000
Accounts Receivable										Dividends
2 Service Revenue	110000	90000	5 Cash							7 Cash	5800
Bal	20000									Bal	5800
Supplies										Service Revenue
4 A/c Payable	16000	11400	Supplies Expenses									110000	2 A/c Receivable
Bal	4600									Bal		110000
Total Assets	79100				Total Liablities		4300			Salaries Expenses
										3 Cash	76000
										Bal	76000
										Supplies Expenses
										8 Supplies	11400
										Bal	11400
										Total Stockholders Equity	74800

Total Assets =79100

Net Income

Calculation of Net Income

Net Income
Salaries Expenses	76000	110000	Service Revenue
Supplies Expenses	11400
Net Income	22600

Net income = 22600

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