Acct 100 homework Ch04 wileyPlus (Part level Submission Only)

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Exercise 4-9 (Part level Submission)

The adjusted trial balance for Plevin Company.

PLEVIN COMPANY Adjusted Trial Balance July 31, 2014
No.	Account Titles	Debit	Credit
101	Cash	$9,840
112	Accounts Receivable	8,780
157	Equipment	15,900
158	Accumulated Depreciation-Equip.		$7,400
201	Accounts Payable		4,220
208	Unearned Rent Revenue		1,800
301	Owner’s Capital		45,200
306	Owner’s Drawings	16,000
400	Service Revenue		64,000
429	Rent Revenue		6,500
711	Depreciation Expense	8,000
726	Salaries and Wages Expense	55,700
732	Utilities Expense	14,900
		$129,120	$129,120

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(a1)


	Your answer is correct.

Prepare an income statement for the year.

PLEVIN COMPANY Income Statement For the Year Ended July 31, 2014
res_EAT_1354256524140_0_1641511617394673_008
Service Revenue	$64000
Rent Revenue	6500
res_EAT_1354256524140_0_1641511617394673_028		$70500
res_EAT_1354256524140_0_1641511617394673_033
Salaries and Wages Expense	$55700
Utilities Expense	14900
Depreciation Expense	8000
res_EAT_1354256524140_0_1641511617394673_061		78600
res_EAT_1354256524140_0_1641511617394673_069		$(8,100)

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(a2)

Prepare an owner’s equity statement for the year. Plevin did not make any capital investments during the year. (List items that increase owner's equity first.)

PLEVIN COMPANY Owner’s Equity Statement For the Year Ended July 31, 2014
		$
:



		$

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Exercise 4-11 (Part level Submission)

Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
June 30	Service Revenue	18100
	Income Summary		18100
	(To close revenue account.)
June 30	Income Summary	13100
	Salaries and Wages Expense		8800
	Supplies Expense		1300
	Rent Expense		3000
	(To close expense account.)
June 30	Income Summary	5000
	Owner's Capital		5000
	(To close net income / (loss).)
June 30	Owner's Capital	2500
	Owner's Drawings		2500
	(To close drawings.)

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(b)

Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.)

Income Summary
June 30		June 30
June 30		June 30

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Salaries and W

8800

Supplies Expe

1300

Rent Expense

3000

Income Summa

5000

res_EAT_135425

Owner's Capit

5000

Owner's Capit

2500

Owner's Draw

2500

Revenues

Service Reven

64000

Rent Revenue

6500

res_EAT_135425

Total Revenues

70500

res_EAT_135425

Expenses

Salaries and W

55700

Utilities Expens

14900

Depreciation E

8000

res_EAT_135425

Total Expenses

78600

res_EAT_135425

Net Income / (Loss)

(8,100)

Service Reven

18100

Income Summa

18100

Income Summa

13100