Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Here are the current account balances (Part 1 transactions not included) for Sharons Stones: Income Statement account Amount (dr/cr) Balance Sheet account Amount (dr/cr) Sales
Here are the current account balances (Part 1 transactions not included) for Sharons Stones: | |||||||||||||||||
Income Statement account | Amount (dr/cr) | Balance Sheet account | Amount (dr/cr) | ||||||||||||||
Sales Revenue | 900 cr | Cash | 4,330 dr | ||||||||||||||
Service Revenue | 150 cr | Accounts Receivable | 450 dr | ||||||||||||||
Cost of Goods Sold Expense | 400 dr | Inventory | 800 dr | ||||||||||||||
Utilities Expense | 220 dr | Equipment | 3,000 dr | ||||||||||||||
Accounts Payable | 1,200 cr | ||||||||||||||||
Bank Loan | 2,250 cr | ||||||||||||||||
Sharon, Capital | 5,000 cr | ||||||||||||||||
Sharon, Withdrawals | 300 dr | ||||||||||||||||
II) Make the necessary adjusting entries for the August month-end. Also, make a list of updated income statement and balance sheet accounts (and their dr/cr balances) after these adjustments are done. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started