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Create a journal entry for the following information: Income statement Revenues Service Revenue $10,000 Exp. & Liabillities Rent expense $2,000 Utility expense $600 Wages. Expense
Create a journal entry for the following information:
Income statement | ||||
Revenues | ||||
Service Revenue | $10,000 | |||
Exp. & Liabillities | ||||
Rent expense | $2,000 | |||
Utility expense | $600 | |||
Wages. Expense | $1,500 | |||
Insurance expense | $750 | |||
Total | $4,850 | |||
Net income | $5,150 | |||
Classified balance sheet | ||||
Assets | ||||
Current assets | ||||
Cash | $100,000 | |||
Accounts receivable | $10,000 | |||
Supplies | $25,000 | |||
Prepaid Insurance | $5,000 | |||
Total | $140,000 | |||
Property,plant &equipment | ||||
Building | $50,000 | |||
Equipment | $40,000 | |||
Acc. Depreciation | $20,000 | |||
Total | $110,000 | |||
Total Assets | $250,000 | |||
Liabilities and stockholders equity | ||||
Current liabilities | ||||
Notes payable | $10,000 | |||
Accounts payable | $20,000 | |||
Salary payable | $15,000 | |||
Unearned serv. Rev | $25,000 | |||
Total | $70,000 | |||
Long-term liabilities | ||||
Mortgage payable | $10,000 | |||
Total liabilities | $80,000 | |||
Stockholders equity | ||||
Common stock | $30,000 | |||
Retained earnings | $100,000 | |||
Total L& SE | $210,000 |
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