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Arina Dubon recently started her own cabinet repair business. Transactions for the first month of operations (October 2019) are as follows. 1) Arina invested $14,400
Arina Dubon recently started her own cabinet repair business. Transactions for the first month of operations (October 2019) are as follows. 1) Arina invested $14,400 cash in the business. 2) Paid two months of rent for $900 in advance. 3) Purchased store equipment worth $2,900 with cash. 4) Incurred business registration expenses, paid with $810 cash. 5) Paid travel expenses with $1,250 cash. 6) Received $2,640 cash from customers for cabinet repair services performed during the month. 7) Provided cabinet repair services worth $1,730 on account. 8) Paid $1,210 to an assistant. 9) Borrowed $1,830 cash from the bank. 10) Received $750 in bills for utilities to be paid next month. 11) Arina withdrew $990 cash for personal purposes. 12) Received $330 owing from a customer for service provided earlier this month. Required Record the above transactions on the T-Account worksheet. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field. If an input will not be used, you can leave it blank. Dubon Cabinet Repair Balance Sheet As at October 31, 2019 Assets Liabilities Increase Decrease Decrease Increase Cash Accounts Payable Opening: $ Answer Opening: $ Answer Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 2 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction # 5 Answer Answer Transaction # 5 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 8 Answer Answer Transaction # 8 Answer Answer Transaction # 9 Answer Answer Transaction # 9 Answer Answer Transaction # 10 Answer Answer Transaction # 10 Answer Answer Transaction # 11 Answer Answer Transaction # 11 Answer Answer Transaction # 12 Answer Answer Transaction # 12 Answer Answer Ending: $ Answer Ending: $ Answer Increase Decrease Decrease Increase Accounts Receivable Bank Loan Opening: $ Answer Opening: $ Answer Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 2 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction # 5 Answer Answer Transaction # 5 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 8 Answer Answer Transaction # 8 Answer Answer Transaction # 9 Answer Answer Transaction # 9 Answer Answer Transaction # 10 Answer Answer Transaction # 10 Answer Answer Transaction # 11 Answer Answer Transaction # 11 Answer Answer Transaction # 12 Answer Answer Transaction # 12 Answer Answer Ending: $ Answer Ending: $ Answer Increase Decrease Decrease Increase Prepaid Rent Dubon, Capital Opening: $ Answer Opening: $ Answer Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 2 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction # 5 Answer Answer Transaction # 5 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 8 Answer Answer Transaction # 8 Answer Answer Transaction # 9 Answer Answer Transaction # 9 Answer Answer Transaction # 10 Answer Answer Transaction # 10 Answer Answer Transaction # 11 Answer Answer Transaction # 11 Answer Answer Transaction # 12 Answer Answer Transaction # 12 Answer Answer Ending: $ Answer Ending: $ Answer Increase Decrease Increase Decrease Equipment Dubon, Withdrawals Opening: $ Answer Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 2 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction # 5 Answer Answer Transaction # 5 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 8 Answer Answer Transaction # 8 Answer Answer Transaction # 9 Answer Answer Transaction # 9 Answer Answer Transaction # 10 Answer Answer Transaction # 10 Answer Answer Transaction # 11 Answer Answer Transaction # 11 Answer Answer Transaction # 12 Answer Answer Transaction # 12 Answer Answer Ending: $ Answer Ending: $ Answer Total Assets $ Answer Total Liabilities $ Answer Owner's Equity $ Answer Dubon Cabinet Repair Income Statement For the Month Ended October 31, 2019 REVENUE Decrease - Increase + Transaction # 1 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 4 Answer Answer Transaction # 5 Answer Answer Transaction # 6 Answer Answer Transaction # 7 Answer Answer Transaction # 8 Answer Answer Transaction # 9 Answer Answer Transaction # 10 Answer Answer Transaction # 11 Answer Answer Transaction # 12 Answer Answer Ending: $ Answer minus Expenses Increase Decrease Increase Decrease Registration Salaries Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 2 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction # 5 Answer Answer Transaction # 5 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 8 Answer Answer Transaction # 8 Answer Answer Transaction # 9 Answer Answer Transaction # 9 Answer Answer Transaction # 10 Answer Answer Transaction # 10 Answer Answer Transaction # 11 Answer Answer Transaction # 11 Answer Answer Transaction # 12 Answer Answer Transaction # 12 Answer Answer Ending: $ Answer Ending: $ Answer Increase Decrease Increase Decrease Travel Utilities Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 2 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction # 5 Answer Answer Transaction # 5 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 8 Answer Answer Transaction # 8 Answer Answer Transaction # 9 Answer Answer Transaction # 9 Answer Answer Transaction # 10 Answer Answer Transaction # 10 Answer Answer Transaction # 11 Answer Answer Transaction # 11 Answer Answer Transaction # 12 Answer Answer Transaction # 12 Answer Answer Ending: $ Answer Ending: $ Answer Total Revenue Answer Total Expenses Answer Net Income (Loss) Answer b) If Arina forgot to record some service revenue during the month, what impact would that have on Net Income? Answer Net Income would be less than it should be.Net Income would be more than it should be.There would be no impact on Net Income.
Arina Dubon recently started her own cabinet repair business. Transactions for the first month of operations (October 2019) are as follows.
1) Arina invested $14,400 cash in the business.
2) Paid two months of rent for $900 in advance.
3) Purchased store equipment worth $2,900 with cash.
4) Incurred business registration expenses, paid with $810 cash.
5) Paid travel expenses with $1,250 cash.
6) Received $2,640 cash from customers for cabinet repair services performed during the month.
7) Provided cabinet repair services worth $1,730 on account.
8) Paid $1,210 to an assistant.
9) Borrowed $1,830 cash from the bank.
10) Received $750 in bills for utilities to be paid next month.
11) Arina withdrew $990 cash for personal purposes.
12) Received $330 owing from a customer for service provided earlier this month.
Required
Record the above transactions on the T-Account worksheet.
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for negative values.
The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field.
If an input will not be used, you can leave it blank.
Dubon Cabinet Repair
Balance Sheet
As at October 31, 2019
Assets
Liabilities
Increase
Decrease
Decrease
Increase
Cash
Accounts Payable
Opening: $
Answer
Opening: $
Answer
Transaction # 1
Answer
Answer
Transaction # 1
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 12
Answer
Answer
Transaction # 12
Answer
Answer
Ending: $
Answer
Ending: $
Answer
Increase
Decrease
Decrease
Increase
Accounts Receivable
Bank Loan
Opening: $
Answer
Opening: $
Answer
Transaction # 1
Answer
Answer
Transaction # 1
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 12
Answer
Answer
Transaction # 12
Answer
Answer
Ending: $
Answer
Ending: $
Answer
Increase
Decrease
Decrease
Increase
Prepaid Rent
Dubon, Capital
Opening: $
Answer
Opening: $
Answer
Transaction # 1
Answer
Answer
Transaction # 1
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 12
Answer
Answer
Transaction # 12
Answer
Answer
Ending: $
Answer
Ending: $
Answer
Increase
Decrease
Increase
Decrease
Equipment
Dubon, Withdrawals
Opening: $
Answer
Transaction # 1
Answer
Answer
Transaction # 1
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 12
Answer
Answer
Transaction # 12
Answer
Answer
Ending: $
Answer
Ending: $
Answer
Total Assets
$
Answer
Total Liabilities
$
Answer
Owner's Equity
$
Answer
Dubon Cabinet Repair
Income Statement
For the Month Ended October 31, 2019
REVENUE
Decrease -
Increase +
Transaction # 1
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 12
Answer
Answer
Ending: $
Answer
minus
Expenses
Increase
Decrease
Increase
Decrease
Registration
Salaries
Transaction # 1
Answer
Answer
Transaction # 1
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 12
Answer
Answer
Transaction # 12
Answer
Answer
Ending: $
Answer
Ending: $
Answer
Increase
Decrease
Increase
Decrease
Travel
Utilities
Transaction # 1
Answer
Answer
Transaction # 1
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 2
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 3
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 4
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 5
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 6
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 7
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 8
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 9
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 10
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 11
Answer
Answer
Transaction # 12
Answer
Answer
Transaction # 12
Answer
Answer
Ending: $
Answer
Ending: $
Answer
Total Revenue
Answer
Total Expenses
Answer
Net Income (Loss)
Answer
b) If Arina forgot to record some service revenue during the month, what impact would that have on Net Income?
Answer
Net Income would be less than it should be.Net Income
would be more than it should be.There would be no impact on Net
Income.
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Financial Accounting A Critical Approach
Authors: John Friedlan
4th edition
1259066525, 978-1259066528
