unit 4 exam-short question answer 26. This question is asking you to find the ending capital for each row; so, simple math! What you have to decide are the amounts that get added and the amounts that get subtracted to determine your ending capital for

unit 4 exam-short question answer
26.  This question is asking you to find the ending capital for each row; so, simple math!  What you have to decide are the amounts that get added and the amounts that get subtracted to determine your ending capital for that row.  I would set it up like this:
27.  Complete the following Statement of Owner’s Equity for Mr. Jack’s Apparel Store
Capital on March 1st, 2006     $5,000
Withdrawals     $1,000
Additional Investment     $2,000
Net loss     $500
Calculate the following (refer to Section 6, Page 21 for guidance):
28.  Journalize the following business transactions.  Draw “T” accounts on your own if it helps!

Mr. Joseph and sons has submitted the following transactions to journalize:

January 1st, 2005 Business started with $250,000 cash deposited to bank of America.
January 4th, 2005 Purchased machinery on credit from Rowan: $50,000
January 6th, 2005 Bought furniture from Rex for cash: $25,000
January 12th, 2005 Service rendered to Wren: $22,500
January 13th, 2005 Service rendered for cash: $50,000
January 15th, 2005 Cash received from Wren for services rendered: $10,000
January 17th, 2005 Cash paid to Rowan for purchase of machinery: $10,000
January 20th, 2005 Cash withdrawn from bank for personal use: $20,000
29.  Prepare a Trial Balance from the ledger balances of Mr. John on March 31, 2007:
Cash in Hand    $1,750
Cash in Bank    $28,370
Accounts Rec    $6,000
Equipment    $12,000
Stationary    $900
Rent    $1,000
Accounts Pay-X    $800
Accounts Pay-Y    $7,850
Capital    $67,000
Withdrawals    $2,000
Sales Revenue    $10,200
Other Revenue    $2,050
Salary Expense    $1,500
Wages Expense    $250
Purchases Expense    $34,050
Misc. Expense    $80
30.  Prepare an Income Statement for Joseph who runs an accounting company, Joseph and Sons. Calculate the net income or net loss for the period for the month ending March 31, 2007.

Joseph Capital    $2,500
Fees Revenue    $900
Joseph Withdrawals    $500
Advertisement Expenses    $100
Miscellaneous Expenses    $200
Rent Expenses    $150
Utilities Expenses    $50