5001 700 Q2. Dawan Co. was organized on April 1, 2010.The company prepares quarterly financial...
60.1K
Verified Solution
Link Copied!
Question
Accounting
5001 700 Q2. Dawan Co. was organized on April 1, 2010.The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. S# Title of Account Debit Credit Cash 5,360 2 Accounts receivable 480 3. Prepaid rent 720 4 Supplies 800 5 Equipment 12,000 6 Dawan, Drawings 7 Accumulated depreciation-Eq 8 Notes payable 4,000 9 Accounts payable 1,200 10 Salaries payable 300 11 Interest payable 40 12 Unearned rent 13 Dawan, Capital 11,200 14 Commission revenues 11,360 15 Rent revenues 690 16 Salaries expense 7,520 17 Rent expense 1,200 18 Depreciation expense 700 19 Supplies expense 160 20 Utilities expense 4101 21 Interest expense 40 Total 29,890 29,890 400 (a) Determine the net income for the quarter April 1 to June 30. (b) Determine the total assets and total liabilities at June 30, 2010 for Dawan Company. (c) Determine the amount that appears for Dawan, Capital at June 30, 2010
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
