Prove Mastery Accounting Cycle

Drag the account types to form the expanded accounting equation. Begin the equity section with Contributed Capital + Retained Earnings. Then, identify whether the item increases, '+', or decreases, equity. Common . . . . _ Accounts _ . . _ w i caSh ' i D'V'dends:' MI '3' '3' Asses = Liabilities : Accounts : Unearned : ' Payable ' Revenues- D a a no @ Enter the missing value to balance the equation. 0 C C C C C] : 25,000 + 38,000 - 38,000 + 35,000 - 28,000 2,000 : |:] + 31,000 - 22,000 + 30,000 - 48,000 32,000 : 25,000 + |:] 31,000 + 39,000 - 39,000 @ Identify the part of the expanded accounting equation for each account title. Prepaid Insurance Common Stock I I Dividends Insurance Expense I I Accounts Payable Service Revenue I I 4 Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance), and "+" or "-". Debit Normal Balance . . . Credit . .. Accounts Receivable Common Stock Dividends - + - + + - Insurance Expense Rent Payable Interest Revenue + - + + + + +Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Liabilities Beginning of Year: $27,000 $15,000 End of Year: $60,000 $27,000 1) What is the equity at the beginning of the year? , 2) What is the equity at the end of the year? 3) If the company issues common stock of $6,300 and pay dividends ' 4) If net income is $1,100 and dividends are $6,000, how much of $37,300, how much is net income (loss)? , is common stock? 5) If the company issues common stock of $19,600 and net income is 6) If the company issues common stock of $42,900 and pay $19,100, how much is dividends? ' dividends of $3,400, how much is net income (loss)