Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the income statement and balance sheet question 5 and 6 ACC 221 Answers Wesk 2 Homework ilmb Fitness Enthusiast G. Bel buys an

I need the income statement and balance sheet question 5 and 6

image text in transcribed

ACC 221 Answers Wesk 2 Homework ilmb Fitness Enthusiast G. Bel buys an existing ewercise center. The Ledger accounts needed for this operation are as folows essetsLisblities Cash Land Owners Equity Accounts ParyableG.Bel Capital 6. Bel Drawing Expenses Revense Fees from Services Wges Urilities Advertising Repair Misc Mortgage Nate Equipmene Apr 16 Bel deposited $100,000 in a bank account for the purpase of buying Body Firnm Apr 17 Bought the assets of Bady Firm for a total price of $188,000. The assets include equipment $28,000, building, $96,000, and Land, $64,000. Made a down payment of $89,000 and signed a mortgage note for the reminder. Apr 17 Bought additional equipment from Fitness Supply Co. on account for $3,550, paying $710 dawn with the balance due in thirty days. Apr 29 Celebrated the grand opening of Body Firm. Advertising expenses were paid in cash for the folowing Advertising in Newspaper $314 e Announcements maiied to local residents $85 . Postage $125 Balloons, Ribbons, Flowers $126 .Food and Refreshments $58 Apr 30 Received fees for daily use of the faclities, S1,152 Apr 30 Paid wages for the period April 17 through April 30, 5833 Apr 30 Receved and paid electronic bill $129 Apr 30 Receved and paid repair bill, $96 Apr 30 6. Bell withdrew $600 for personal use Homework Questions 1. Record the transactions in the Journal 2. Post transactions in the Ledger 3. Prepare Trial Balance 4. Statement of Owners Equity 5. Income Statement 6. Balance sheet ACC 221 Answers Wesk 2 Homework ilmb Fitness Enthusiast G. Bel buys an existing ewercise center. The Ledger accounts needed for this operation are as folows essetsLisblities Cash Land Owners Equity Accounts ParyableG.Bel Capital 6. Bel Drawing Expenses Revense Fees from Services Wges Urilities Advertising Repair Misc Mortgage Nate Equipmene Apr 16 Bel deposited $100,000 in a bank account for the purpase of buying Body Firnm Apr 17 Bought the assets of Bady Firm for a total price of $188,000. The assets include equipment $28,000, building, $96,000, and Land, $64,000. Made a down payment of $89,000 and signed a mortgage note for the reminder. Apr 17 Bought additional equipment from Fitness Supply Co. on account for $3,550, paying $710 dawn with the balance due in thirty days. Apr 29 Celebrated the grand opening of Body Firm. Advertising expenses were paid in cash for the folowing Advertising in Newspaper $314 e Announcements maiied to local residents $85 . Postage $125 Balloons, Ribbons, Flowers $126 .Food and Refreshments $58 Apr 30 Received fees for daily use of the faclities, S1,152 Apr 30 Paid wages for the period April 17 through April 30, 5833 Apr 30 Receved and paid electronic bill $129 Apr 30 Receved and paid repair bill, $96 Apr 30 6. Bell withdrew $600 for personal use Homework Questions 1. Record the transactions in the Journal 2. Post transactions in the Ledger 3. Prepare Trial Balance 4. Statement of Owners Equity 5. Income Statement 6. Balance sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Stand Up To The Irs How To Handle Audit Tax Bill And Tax Count

Authors: Frederick W. Daily, Robin Leonard

1st Edition

0873373375, 978-0873373371

More Books

Students also viewed these Accounting questions

Question

How will systems or structures be addressed?

Answered: 1 week ago

Question

Demonstrate three aspects of assessing group performance?

Answered: 1 week ago