1219121, 6:57 PM HW # 1-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Date: 12/09/21 Course: ACCT1036 (3) Assignment: HW # 1 4. Navneet Kaur is new to Canada. Having studied in a culinary program, she wants to buy a food truck and open her own business. She knows that she needs $40,000 to buy the truck, but she has little knowledge of the lending process. Explain to her what sort of information the lender would review and why. The income statement reports the revenues and expenses ' of a particular entity for a period such . ' . as a month or a year. Total revenues minus total expenses equals net Income (or net loss). The balance sheet reports the (1) of the entity at a particular date. (2) the resources the business has to work with. (3) debts owed to creditors. (4) the portion of the business assets owned outright by the owner. Before lending money, the lender evaluates Navneet's ability to make the loan payments. Lenders will use the reported net income and other information in the nancial statements to predict (5) of the food truck. Therefore, the bank requires the financial statements of the Navneet's food truck in order to make a decision about the loan. (1) O assets, liabilities, and expenses 0 liabilities, revenues, and net income (or net loss) 0 assets, liabilities, and owner's equity 0 net income (or net loss) O assets. liabilities. and revenues O owner's equity, revenues, and expenses 0 liabilities, revenues, and expenses 0 revenues and expenses Cl revenues, net income (or net loss), and assets (2) O Assets are 0 Revenues are (3) O Assets are 0 Revenues are C) Expenses are C) Expenses are C) Liabilities are 0 Liabilities are 0 Owner's equity is O Owner's equity is (4) O Assets are 0 Revenues are (5) 0 future income 0 total liabilities O Expenses are 0 owner's equity 0 total revenues O Liabilities are 0 total assets 0 Owner's equity is 0 total expenses YOU ANSWERED: revenues, net income (or net loss), and assets assets minus owner's equity https:Iixlitemprod.pearsoncmg.comr'apilv'llprintlhighered 1l1 1219121. 6:58 PM HW # 1-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Date: 12/09/21 Course: ACCT1036 (3) Assignment: HW # 1 5. Indicate whether each statement below applies to a sole proprietorship, a partnership, or a corporation. . The life of the business is limited by the death of the owner. (1) (2) a b. Each owner is personally liable for claims against the business. c. A business that has only one owner and "he or she is the business." (3) d. Owners are not personally liable for claims against the business. (4) e. The form of business that is typically used by accountants and lawyers. (5) f. Canadian Tire and TELUS are examples of this form of business. (6) (1) O (2) O (3) O C) corporation C) corporation C) corporation O partnership 0 partnership O partnership 0 sole proprietorship O sole proprietorship O sole proprietorship (4) O (5) O (6) O C) corporation C) corporation C) corporation 0 partnership 0 partnership 0 partnership 0 sole proprietorship O sole proprietorship O sole proprietorship htlps:Iixlitemprod.pearsoncmg.comr'apilv'ilprintlhighered 1l1 12/9121. 6:59 PM HW # 1-Phuong Ha Student: Phuong Ha Date: 12/09/21 Instructor: Suzanna Karam Singh Course: ACCT1036 (3) Assignment: HW # 1 9. Jacob's Overhead Doors reports the following nancial information: 1(Click the icon to View Jacob's Overhead Doors nancial information.) Requirements 1. Use the accounting equation to solve for the missing information. 2. Was it a good year or a bad year for the business? Requirement 1. Use the accounting equation to solve for the missing information. (1) E 1: Data Table (1) O O Assets O Expenses O Liabilities (3) O O Assets O Expenses O Liabilities (5) O O Assets 0 Expenses O Liabilities Expenses Requirement 2. Was it a good year or a bad year for the business? Jacob's Overhead Doors reports of |:| . This means it was a for the business. Assets Liabilities Owner's Investment Owner's Withdrawal Revenues Expenses 0 Net Income 0 Owner's Capital 0 Revenues O Withdrawals 0 Net Income 0 Owner's Capital 0 Revenues O Withdrawals 0 Net Income 0 Owner's Capital 0 Revenues O Withdrawals htipsjixlitem prod.pearsoncmg .comr'apilv'l lprintjhighered (2) O O Assets 0 Expenses O Liabilities O O Assets 0 Expenses O Liabilities O 0 net income 0 net loss $ 45,800 15,230 23,700 7,000 10,890 O Net Income 0 Owner's Capital 0 Revenues O Withdrawals O Net Income O Owner's Capital O Revenues O Withdrawals (7) O O bad year 0 good year 1l1 12/9/21, 7:01 PM Homework Assignment 3 - Ch 2-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 3 - Date: 12/09/21 Course: ACCT1036 (3) Ch 2 7. Calculate the account balance for each of the following T-accounts: 1(Click the icon to view the t-accounts.) (If a box is not used in the T-accounts, leave the box empty; do not enter a zero.) Accounts Receivable Cash Accounts Payable 2,700 2,700 67,500 4,200 1, 100 4,600 5,800 1, 100 16,800 12,300 700 4,900 850 4,090 Bal. Bal . Bal. Bal . Bal. Bal. 1: Data Table Accounts Receivable Cash Accounts Payable 2,700 2,700 67,500 4,200 1, 100 4,600 5,800 1, 100 16,800 12,300 700 4,900 850 4,090 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 1/1129121, 7:01 PM Homework Assignment 3 - Ch 2-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 3 - Date: 12/09/21 Course: ACCT1036 (3) Ch 2 8. The journal of Aiden's Baking School for July 2019 is provided in the accompanying table. 1(Click on the icon to view the journal entries.) Required 1. Describe each transaction. 2. Post to the T-accounts which have been set up for you. Identify each transaction by date. Compute the balance in each account after posting. The T-accounts have been set up using the following account numbers: Cash, #1000; Accounts Receivable, #1200; Baking Supplies, #1400; Accounts Payable. #2000; Aiden Belt. Capital, #3000; Service Revenue, #4000; Advertising Expense, #5100; Rent Expense, #5600; Utilities Expense. #5800. Requirement 1. Describe each transaction. JUL 2 Investment of cash by the owner 3 Payment of rent expense 9 Purchase of baking supplies on account (on credit) 11 Service provided on account 22 Collection on account 25 Payment of advertising expense 27 Payment on account 31 Receipt of a utilities bill and recording the expense on account Requirement 2. Post to the T-accounts which have been set up for you. Identify each transaction by date. Compute the balance in each account after posting. (Post transactions in the order that they appear in the journal using the first available cell on the appropriate debit or credit side of the T-account. Leave any unused cells blank.) https:Iixlitemprod.pearsoncmg.comi'apilvl lprintJhighered 1l3 \f12/9/21, 7:01 PM Homework Assignment 3 - Ch 2-Phuong Ha General Journal Page 5 Date Accounts Debi Credit Jul. 2 Cash $ 6,000 Aiden Belt, capital $ 6,000 3 Rent expense 1,550 Cash 1,550 9 Baking supplies 56 counts p 56 11 Accounts receivable 1,640 Service revenue 1,640 22 Cash 360 Accounts receivable 360 25 Advertising expense 730 Cash 730 27 Accounts payable 56 Cash 56 31 Utilities expense 580 Accounts payable 580 https://xlitemprod.pearsoncmg.com/api/v1/print/highered 3/312/9121. 7:02 PM Homework Assignment 3 - Ch 2-Phuong Ha Student: Phuong Ha Date: 12/09/21 Instructor: Suzanna Karam Singh Course: ACCT1036 (3) Assignment: Homework Assignment 3 - Ch 2 9. Yula's Yoga engaged in the following transactions during March 2020. its first month of operations. 1(Click on the icon to view the transactions.) R_equired2 Requirement 1. Record the entries in the T-accounts that have been set up for you. Identify transactions by their date. Date the ending balance of each account March 31. (If a box is not used in the T-accounts, leave the box empty; do not select a label or enter a zero.) Cash Mar Mar. |:| Mar. [:1 Bal. |:| Bal. Studio Supplies (10) (11 Mar. Mar. |:| Mar. Bal. |:| Bal. Rent Expense {13) (14) (15 Mar. |:| Mar. |:| Mar. (18) |:| (19 Bal. |:I Bal. Yula Gregore, Capital Requirement 2. Prepare the trial balance of Yula's Yoga at March 31 , 2020. Now using the totals from T-accounts, prepare the trial balance of Yula's Yoga at March 31, 2020. Start by preparing the heading for the adjusted trial balance. Remember that each line of the heading is very important and should be in a specic order. Then, complete the body of the trial balance by selecting the accounts and entering the account balances from the T-accounts. Compute the total debits and credits; the trial balance must balance to be correct. (If a box is not used in the trial balance, leave the box empty; do not select a label or enter a zero.) htlpstlixlitem prod.pearsoncmg .comiapiiv'l lprintJhighered 1i4 12/9121. 7:02 PM Homework Assignment 3 - Ch 2-Phuong Ha Credit Debit Account 1: Transactions Mar. 1 The business received a $15,000 cash investment from Yula Gregore to start Yula's Yoga. 1 Paid $4,000 cash to rent a yoga studio for the month of March. 4 Purchased studio supplies for $4,000 on account. 6 Presented a wellness seminar for a corporate customer and received cash. $3,000. 9 Paid $1,000 on accounts payable. 1? Taught yoga classes for customers on account, $800. 2: Required 1. Record the entries in the T-accounts which have been set up for you. Identify transactions by their date. Date the ending balance of each account Mar. 31. 2. Prepare the unadjusted trial balance of Yula's Yoga at March 31, 2020. (1)0 09 (2)0 ()9 (3)0 09 (4)0 09 (5)0 09 01017 01017 01017 01017 01017 O4 O4 O4 O4 O4 06 06 06 06 05 (6)0 09 (7)0 09 (8)0 ()9 (9)0 09 (MO 09 01017 01017 01017 01017 01017 O4 O4 O4 O4 O4 06 06 06 06 06 (\")0 O9 (12)O 09 MM) 09 000 O9 (15)O 09 01017 01017 01017 01017 01017 O4 O4 O4 O4 O4 06 06 06 06 06 (W0 09 (\")0 09 (WC) 09 (19)O O9 (20)O 09 01017 01017 01017 01017 01017 O4 O4 O4 O4 O4 06 06 06 06 06 httpszlixlitem prod.pearsoncmg .comr'apilv1 [printlhighered 2/4 12/9/21, 7:02 PM Homework Assignment 3 - Ch 2-Phuong Ha (21) O 09 (22) 0 09 (23) C O Trial Balance 01 0 17 01 0 17 O Balance Sheet O Yula's Yoga 0 4 0 4 O March 31, 2020 0 6 0 6 For the Month Ended March 31, 2020 (24) O Trial Balance O Balance Sheet O Yula's Yoga March 31, 2020 O For the Month Ended March 31, 2020 (25) O Trial Balance O Balance Sheet O Yula's Yoga O March 31, 2020 O For the Month Ended March 31, 2020 (26) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash O Service revenue O Yula Gregore, withdrawals (27) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash O Service revenue O Yula Gregore, withdrawals (28) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense Accounts receivable O Rent expense O Yula Gregore, capital O Cash Service revenue O Yula Gregore, withdrawals (29) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash O Service revenue O Yula Gregore, withdrawals (30) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense O Accounts receivable O Rent expense O Yula Gregore, capital O Cash Service revenue O Yula Gregore, withdrawals https://xlitemprod.pearsoncmg.com/api/v1/print/highered 3/412/9/21, 7:02 PM Homework Assignment 3 - Ch 2-Phuong Ha (31) O Cellphone expense O Studio supplies O Accounts payable O Equipment Utilities expense Accounts receivable O Rent expense O Yula Gregore, capital O Cash Service revenue O Yula Gregore, withdrawals (32) O O Cellphone expense O Studio supplies O Accounts payable O Equipment O Utilities expense Accounts receivable O Rent expense Yula Gregore, capital Cash Service revenue O Yula Gregore, withdrawals https://xlitemprod.pearsoncmg.com/api/v1/print/highered 4/412/9/21, 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 4 - Date: 12/09/21 Course: ACCT1036 (3) Ch 3 1. On September 1, 2020, you prepaid three months of rent, for a total of $24,000. Give your adjusting entry to record rent expense at September 30, 2020. Include the date of the entry and an explanation. Then, using T-accounts, post to the two accounts involved and show their balances at September 30, 2020. Record the journal entry for one month's rent expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanation Debi Credit September 30 Rent Expense 8,000 Prepaid Rent 8,000 To record rent expense Post the journal entry to the T-accounts below, and calculate the account balances. The beginning balance of Prepaid Rent has been entered for you. (If a box is not used in the T-accounts leave the box empty; do not enter a zero.) Prepaid Rent Rent Expense Sept 1 24,000 Sept 30 8,000 Sept 30 Sept 30 Bal. 16,000 Bal. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 1/1412(9121. 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha 2. On May 1, your company paid cash of $25,500 for computers that are expected to remain useful for six years. At the end of six years, the value of the computers is expected to be zero. Required 1_Using T-accounts, post the purchase of the computers on May 1 and the amortization on May 31 to the following accounts: Computer Equipment; Accumulated AmortizationComputer Equipment; and Amortization ExpenseComputer Equipment. Show their balances at May 31. 2.What is the computer equipment's book value at May 31? 3.What amount is reported on the income statement on May 31? Requirement 1. Using T-accounts, post the purchase of the computers on May 1 and the amortization on May 31 to the following accounts: Computer Equipment; Accumulated AmortizationComputer Equipment; and Amortization ExpenseComputer Equipment. Show their balances at May 31. (Assume that the journal entries have been completed.) Calculate the amortization expense. Determine the formula for the amortization expense, and then use the formula to calculate the amount. (Round the amortization expense to the nearest whole dollar.) I I x = Amortization expense |:| I |:| I |:| x |:| = |:| Now post to the T-accounts. Select the correct date. enter the amounts, and balance each account. (Leave any unused cells blank. Round amounts to the nearest whole dollar.) Accumulated Amortization Amortization ExpenseComputer Computer Equipment Computer Equipment Equipment "Cl: "CI: "Cl: Bal- E |:| Bal- :l E Bal- :I E Requirement 2. What is the computer equipment's carrying value at May 31? Complete the table below to determine the carrying value at May 31. (Round amounts to the nearest whole dollar.) (11) Less: (12) Carrying value at May 31 Requirement 3. What amount is reported on the income statement on May 31? Select the account and the amount that would be reported on the income statement. (Round the amount to the nearest whole dollar.) |:| (1) O 0 Months in a year (2) O O Months in a year 0 Cash 0 Useful life (years) 0 Cash 0 Useful life (years) O Cost of asset 0 Cost of asset O Months amortized 0 Months amortized (3) O 0 Months in a year (4) O 0 Months in a year Q Cash O Useful life (years) 0 Cash 0 Useful life (years) 0 Cost of asset 0 Cost of asset 0 Months amortized 0 Months amortized httpstlixlitemprodpearsoncmg.comr'apilv'tlprintlhighered 2114 12/9/21, 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha (5) O (6) 0 (7) O (8) O (9) O O Bal. O Bal. O Bal Bal. O Bal. O May 1 O May 1 O May 1 O May 1 O May 1 O May 31 O May 31 O May 31 O May 31 O May 31 (10) O O Bal. O May 1 O May 31 (11) O O Amortization Expense-Office Supplies O Accumulated Amortization-Computer Equipment O Cash O Accumulated Amortization-Office Supplies O Computer Equipment O Amortization Expense-Computer Equipment O Office Supplies (12) O O Amortization Expense-Office Supplies O Accumulated Amortization-Computer Equipment O Cash O Accumulated Amortization-Office Supplies Computer Equipment O Amortization Expense-Computer Equipment Office Supplies (13) O O Amortization Expense-Office Supplies O Accumulated Amortization-Computer Equipment O Cash Accumulated Amortization-Office Supplies O Computer Equipment O Amortization Expense-Computer Equipment O Office Supplies https://xlitemprod.pearsoncmg.com/api/v1/print/highered 3/14129121. 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha 3. For each of the following ve Independent situations, journalize the adjusting entry and the related transaction (either before or after it). (Record debits first. then credits. Select the explanation on the last line of the journal entry table. Round amounts to the nearest whole dollar.) 1(Click the icon to View the situations.) a. Dec. 1 business receives $3,900 for a 10-month service contract. Date Accounts and Explanation Credit (3) Dec. 1 Cash Unearned Revenue 3,900 To record revenue that was collected in advance. Dec. 31 year-end adjusting entry needed to update the balance in the account. Date Accounts and Explanation Credit (a) Dec. 31 Uneamed Revenue Service Revenue 390 To record unearned revenue now earned. b. Mar. 31 work performed but not yet billed to customers for the month, $1.600. Date Accounts and Explanation Debit Credit (b) Mar. 31 Accounts Receivable 1.500 Service Revenue 1,600 To record work performed but not yet billed. Apr. 21 received payment for the work that was completed. Accounts and Explanation Credit 1.600 (b) Apr. 21 Cash Accounts Receivable To record customer payment on account. c. Jun. 15 purchased $3,200 of ofce supplies on account. htlps:Iixlitemprod.pearsoncmg.comr'apilv1 lprinUhighered 4H 4 129121. 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha Date Accounts and Explanation Credit (G) Jun. 15 Supplies Accounts Payable 3,200 Purchased supplies on account. Dec. 31 a count of supplies shows that only $1,700 worth is left at year-end, so the balance in the account needs to be updated. Date Accounts and Explanation Debit Credit (c) Dec. 31 Supplies Expense 1500 Supplies 1,500 To record supplies used. d. Feb. 2 business paid a $800 deposit for the last month's rental of a copier on a 10-month contract. Credit Accounts and Explanation (d) Feb. 2 Prepaid Rent Cash 800 To record payment of rent in advance. Nov. 30 the rental period for the copier ended. so the balance in the prepaid account must be updated. Date Accounts and Explanation Debit Credit (d) Nov. 30 Rent Expense 800 Prepaid Rent 800 To record rent expense. e. Jun. 1 purchased truck for $35,700 (cash) with an expected useful life of seven years. Date Accounts and Explanation Debit Credit (9) Jun. 1 Truck 35,700 Cash 35.700 To record purchase of truck. Dec. 31 year-end adjusting entry needed to record amortization. htlpsn'ixlitem prod.pearsoncmg .comr'apilv'l lprintJhighered 5M4 121'9121. 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha Date Accounts and Explanation Credit (e) Dec. 31 Amortization ExpenseTruck Accumulated AmortizationTruck 2,975' To record partial year amortization. 1: Situations a. Dec. 1 business receives $3,900 for a 10-month service contract. Dec. 31 year-end adjusting entry needed to update the balance in the account. b. Mar. 31 s work performed but not yet billed to customers for the month, $1,600. Apr. 21 received payment for the work that was completed. c. Jun. 15 purchased $3,200 of ofce supplies on account. Dec. 31 a count of supplies shows that only $1,700 worth is left at year-end, so the balance in the account needs to be updated. d. Feb. 2 business paid a $800 deposit for the last month's rental of a copier on a 10-month contract. Nov. 30 the rental period for the copier ended, so the balance in the prepaid account must be updated. e. Jun. 1 purchased truck for $35,700 (cash) with an expected useful life of seven years. Dec. 31 year-end adjusting entry needed to record amortization. YOU ANSWERED: Date Accounts and Explanation I Credit (a) Dec. 31 Uneamed Revenue nothing Service Revenue 390 nothing nothing nothing nothing To record partial year amortization. Date II Accounts and Explanation I Debit I Credit (e) Dec. 31 Amortization ExpenseTruck 2550 nothing Accumulated AmortizationTruck nothing 2550 nothing nothing nothing nothing nothing nothing To record partial year amortization. htlps:Iixlitemprod.pearsoncmg.comr'apilv1 [printlhighered 6l14 12/9121. 7:03 PM 4. TentRentals Company sets up a large event tent for the local food festival. The tent will be rented to the Business Homework Assignment 4 - Ch 3-Phuong Ha Improvement Association for two weeks for a total cost of $4,700. The event takes place over the Canada Day weekend. So one week of the rental takes place in June, and the other week is in July. TentRentals will bill the Business Improvement Association on July 6 for the two-week rental. Record the June 30 adjusting entry to update TentRentals's nancial records for the one week it has earned rental revenue. Complete the journal entry below. (Record debits first. then credits. Select the explanation on the last line of the journal entry table.) Journal Entry (1) O 0 Accounts Payable 0 Accounts Receivable 0 Advertising Expense (2) O 0 Accounts Payable 0 Accounts Receivable 0 Advertising Expense (3) O 0 Accounts Payable 0 Accounts Receivable 0 Advertising Expense (4) O O Accounts Payable O Accounts Receivable O Advertising Expense (5) O O Borrowed cash on a note payable. 0 Owner's investment to open business. 0 Paid monthly utilities expense 0 Cash 0 Equipment 0 Note Payable 0 Rent Expense 0 Cash 0 Equipment 0 Note Payable O Rent Expense 0 Cash 0 Equipment 0 Note Payable 0 Rent Expense 0 Cash 0 Equipment 0 Note Payable 0 Rent Expense 0 Rental Revenue 0 Salaries Expense 0 Service Revenue 0 Supplies 0 Rental Revenue 0 Salaries Expense O Service Revenue O Supplies 0 Rental Revenue O Salaries Expense Q Service Revenue 0 Supplies 0 Rental Revenue O Salaries Expense 0 Service Revenue 0 Supplies 0 Supplies Expense 0 Utilities Expense O Supplies Expense 0 Utilities Expense O Supplies Expense 0 Utilities Expense O Supplies Expense 0 Utilities Expense O Performed service on account. 0 Purchased supplies on account. 0 Received cash for services performed. 0 Rental revenue earned but not billed in June. 0 To record supplies expense. httpstlixlitem prod.pearsoncmg .comr'apilv't lprintJhighered O Purchased equipment and paid cash. 0 Purchased equipment on account. 0 Purchased supplies and paid cash. 7/14 129121, 7:03 PM Homework Assignment 4 - Ch 3-Phuong He 5. Consider the unadjusted trial balance of Brent Landscaping at May 31, 2020, and the related month-end adjustment data. 2(click the icon to View the unadjusted trial balance.) 3(Click the icon to view the month-end adjustment data.) Required 1. Prepare the adjusted trial balance of Brent Landscaping at May 31, 2020 by sketching T-accounts in your notes to calculate the new balances. 2. Prepare the income statement and the statement of owner's equity for the year ended May 31, 2020, and the balance sheet at May 31, 2020. Write a short description of how the three nancial statements are linked. Requirement 1. Prepare the adjusted trial balance of Brent Landscaping at May 31, 2020 by sketching T-accounts in your notes to calculate the new balances. (If a box is not used in the adjusted trial balance, leave the box empty; do not enter a zero.) Brent Landscaping Adjusted Trial Balance May 31 , 2020 Account Title Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated amortizationequipment Accounts payable Salaries payable A. Brent, capital A. Brent, withdrawals Landscaping design revenue Salaries expense Rent expense Utilities expense Amortization expenseequipment Supplies expense Total ES El: :l: :IE :i: l:i: :ii:l :l: l:i:l :I: :i: :l: E: El: :I: Q; Q; Requirement 2. Prepare the income statement and the statement of owner's equity for the year ended May 31, 2020, and the balance sheet at May 31, 2020. Begin with the income statement. httpsjixlitem prod.pearsoncmg .comr'apilv1 lprintJhighered Bl14 12/9/21, 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha (1) (2) (3) Revenue: (4) Expenses (5) (6) (7) (8) (9) Total expenses Net income Next, prepare the statement of owner's equity. (10) (11) (12) (13) Add: (14) Less: (15) (16) Finally, prepare the balance sheet. Begin with the heading, and then complete the body of the statement. (17) (18 (19 Assets Liabilities (20) (21) (22) (23) (24) Total liabilities (25) (26) Owner's Equity (27) (28) Total assets Total liabilities and owner's equity Write a short description of how the three financial statements are linked. https://xlitemprod.pearsoncmg.com/api/v1/print/highered 9/14129121. 7:03 PM Homework Assignment 4 - Ch 3-Phuong He (29) from the income statement is transferred to the (30) The ending balance of (31) is then transferred to the owner's equity section of the balance sheet. 2: hacv110ce.p3.7a Brent Landscaping Unadjusted Trial Balance May 31 . 2020 Account Title Cash Accounts receivable Supplies Prepaid rent Equipment $ 16,000 8,500 0 143,100 Accumulated amortizationequipment Accounts payable Salaries payable A. Brent, Capital A. Brent, Withdrawals Landscaping design revenue 144,000 Salaries expense Rent expense Utilities expense Amortization expenseequipment Supplies expense Total $ 311,700 $ 311,700 3: Month-end Adjustment Data The following adjustments need to be made on May 31 before the nancial statements for the year can be prepared. a. Accrued landscaping design revenue. $8.700. b. One month of the prepaid rent had been used. The unadjusted prepaid balance of $13,600 is for a period of four months. Supplies remaining on hand, $900. d. Amortization on equipment for the month of May. The equipment's expected useful life is 10 years; it will have no value at the end of its useful life, and the straight-line method of amortization is used. e. An accrual for two days of salaries is needed. A ve-day weekly payroll is $22,000. httpsrlixlitem prod.pearsoncmg .comr'apilv'l lprinllhighered 10l14 129121. 7:03 PM Homework Assignment 4 - Ch 3-Phuong He (1) O 0 May 31, 2020 O Balance Sheet 0 For the Month Ended May 31, 2020 0 Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement 0 Statement of Owner's Equity (2) O 0 May 31,2020 0 Balance Sheet 0 For the Month Ended May 31, 2020 O Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement 0 Statement ol Owner's Equity (3) o 0 May 31, 2020 0 Balance Sheet 0 For the Month Ended May 31, 2020 0 Brent Landscaping 0 For the Year Ended May 31, 2020 0 Income Statement O Statement of Owner's Equity (4) O 0 Accounts receivable O A. Brent, Capital 0 Accumulated amortizationequipment Q A. Brent, Withdrawals O Amortization expenseequipment O Accounts payable 0 Cash 0 Rent expense O Supplies expense 0 Salaries expense 0 Unearned service revenue 0 Salaries payable 0 Utilities expense 0 Supplies (5) O 0 Accounts receivable O A. Brent. Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment 0 Accounts payable 0 Cash 0 Rent expense 0 Supplies expense 0 Salaries expense 0 Unearned service revenue 0 Salaries payable 0 Utilities expense 0 Supplies (6) O 0 Accounts receivable O A. Brent, Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment 0 Accounts payable 0 Cash O Rent expense O Supplies expense 0 Salaries expense 0 Unearned service revenue 0 Salaries payable 0 Utilities expense 0 Supplies htlpstlixlitem prodpearsoncmg .comr'apilv'l lprintJhighered 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 0 Equipment 0 Insurance expense 0 Landscaping design revenue 0 Prepaid rent 11/14 12/9121, 7:03 PM Homework Assignment 4 - Ch 3-Phuong He (7) O O Accounts receivable O A. Brent, Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment O Accounts payable O Cash O Rent expense O Supplies expense O Salaries expense O Uneamed service revenue O Salaries payable O Utilities expense O Supplies (8) O O Accounts receivable O A. Brent, Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment O Accounts payable O Cash O Rent expense O Supplies expense O Salaries expense O Uneamed service revenue O Salaries payable O Utilities expense O Supplies (9) O O Accounts receivable O A. Brent, Capital O Accumulated amortizationequipment O A. Brent, Withdrawals O Amortization expenseequipment O Accounts payable O Cash O Rent expense O Supplies expense O Salaries expense O Uneamed service revenue O Salaries payable O Utilities expense O Supplies (10) O 0 May 31. 2020 O Balance Sheet O For the Month Ended May 31, 2020 0 Brent Landscaping O For the Year Ended May 31, 2020 O Income Statement O Statement of Owner's Equity (11) O O May31,2020 O Balance Sheet O For the Month Ended May 31, 2020 O Brent Landscaping O For the Year Ended May 31, 2020 O Income Statement O Statement of Owner's Equity (12) O 0 May 31. 2020 0 Balance Sheet 0 For the Month Ended May 31, 2020 O Brent Landscaping O For the Year Ended May 31, 2020 O Income Statement O Statement of Owner's Equity (13) O O A. Brent, capital June 1, 2019 O Service revenue O A. Brent, capital May 31, 2020 O Total expenses O Net income ht'lpstllxlitem prodpearsoncmg .comr'apilv't lprintJhighered O Net loss O Withdrawals O Equipment O Insurance expense O Landscaping design revenue O Prepaid rent O Equipment O Insurance expense O Landscaping design revenue O Prepaid rent O Equipment 0 Insurance expense 0 Landscaping design revenue O Prepaid rent 12114 12/9/21, 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha (14) O O Net loss O A. Brent, capital June 1, 2019 Service revenue O A. Brent, capital May 31, 2020 O Total expenses O Net income Withdrawals (15) O O Net loss O A. Brent, capital June 1, 2019 O Service revenue O A. Brent, capital May 31, 2020 O Total expenses Net income Withdrawals (16) O O Net loss O A. Brent, capital June 1, 2019 Service revenue O A. Brent, capital May 31, 2020 O Total expenses O Net income O Withdrawals (17) O O For the Month Ended May 31, 2020 O Balance Sheet O For the Year Ended May 31, 2020 O Brent Landscaping O Income Statement O May 31, 2020 Statement of Owner's Equity (18) O For the Month Ended May 31, 2020 O Balance Sheet For the Year Ended May 31, 2020 O Brent Landscaping O Income Statement O May 31, 2020 Statement of Owner's Equity (19) O O For the Month Ended May 31, 2020 O Balance Sheet For the Year Ended May 31, 2020 O Brent Landscaping O Income Statement O May 31, 2020 O Statement of Owner's Equity (20) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (21) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (22) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent https://xlitemprod.pearsoncmg.com/api/v1/print/highered 13/1412/9/21, 7:03 PM Homework Assignment 4 - Ch 3-Phuong Ha (23) O O Cash O Salaries payable O A. Brent, capital O Equipment Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (24) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization Accounts receivable O Prepaid rent (25) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (26) O O Cash O Salaries payable O A. Brent, capital O Equipment Supplies O Accounts payable O Less: Accum. amortization Accounts receivable O Prepaid rent (27) O O Cash O Salaries payable A. Brent, capital O Equipment Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (28) O O Cash O Salaries payable O A. Brent, capital O Equipment O Supplies O Accounts payable O Less: Accum. amortization O Accounts receivable O Prepaid rent (29) O Expenses (30) O balance sheet. O capital Net income (or net loss) statement of owner's equity. O expenses O Revenue trial balance. O revenues withdrawals https://xlitemprod.pearsoncmg.com/api/v1/print/highered 14/14