Homework Answers
| Solution: 1 | ||||||||||
| Journal Entries | ||||||||||
| Sr. No. | Date | Account Title and Explanation | Debit | Credit | ||||||
| 1 | Aug.31 | Accrued Revenue | $ 8,330 | |||||||
| Service Revenue | $ 8,330 | |||||||||
| 2 | Aug.31 | Depreciation Expenses | $ 3,700 | |||||||
| Accumulated Depreciation - Equipment | $ 3,700 | |||||||||
| 3 | Aug.31 | Wages Expenses | $ 2,670 | |||||||
| Wages Payable | $ 2,670 | |||||||||
| 4 | Aug.31 | Supplies Expenses | $ 2,330 | |||||||
| Supply | $ 2,330 | |||||||||
| Solution: 2 | ||||||||||
| Trucker Jacobs | ||||||||||
| Net Income | Total Assets | = | Total Liablities | + | Total Owner's Equity | |||||
| Reported Amounts | $ 176,900 | $ 961,000 | = | $ 317,000 | + | $ 644,000 | ||||
| Corrections: | ||||||||||
| Unbilled Fees Earned | $ 8,330 | $ 8,330 | = | $ - | + | $ 8,330 | ||||
| Equipment Depreciation | $ (3,700) | $ (3,700) | = | + | $ (3,700) | |||||
| Accrued Wages | $ (2,670) | = | $ 2,670 | + | $ (2,670) | |||||
| Supplies Used | $ (2,330) | $ (2,330) | = | + | $ (2,330) | |||||
| Corrected Amounts |
$
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