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MP.06.01.BLANKSHEET

Elizabeth Soltis owns and operates aunt Ibbys styling salon, a year end work sheet is provided below use this information to complete this exercise.

Mastery Problem Mastery Problem \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|r|}{\begin{tabular}{|l|l|} Ampusages & Chart of Accounts \\ \end{tabular}} & Labels and Amount Descriptions: & General Joumal & \multicolumn{2}{|c|}{ Income Statoment } & & & \\ \hline \multicolumn{9}{|c|}{ Instructions } \\ \hline 10 & & & 2,76500 & & & & 2,76500 & \\ \hline 11 & Flizabeth Soetis, Drrwing & 12,00000 & & & & 12,00000 & & \\ \hline n & Syling fees & & 32,00000 & & & & 32,00000 & \\ \hline u & Wages Epense & 8,00000 & & (c) 4000 & & $04000 & & 1 \\ \hline 14 & Rant Expense & 6,00000 & & & & 6,00000 & & 6 \\ \hline 14 & Styling Supplie Experse & 3 & & (a) 1,45000 & & 1,45000 & & 1 \\ \hline 16 & Phane Expece & 45000 & & & & 45000 & & \\ \hline v & Utwees Expense & 0000 & & & & $0000 & & \\ \hlineu & Inearance Experse: & & & (8) 65000 & & 65000 & & y \\ \hline st & Depreciation Equense-5iton Equipriest & & & (0) 90000 & & 90000 & & \\ \hline & & 53,95000 & 53499000 & 55,04000 & $3,04000 & $35,93000 & $35,93000 & 18 \\ \hline ni & Net incone & & & & & & & 15 \\ \hline n) & & & & & & & & 532 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[t]{2}{*}{12,00000} & & & & 12,00000 & & & & 12,00000 & \\ \hline & 32,00000 & & & & 32,00000 & & 32,00000 & & \\ \hline 8,00000 & & k) 4000 & & 8,04000 & & 3,04000 & & & \\ \hline \multirow[t]{2}{*}{6,00000} & & & & 6,00000 & & 6,00000 & & & \\ \hline & & (D) 1,45000 & & 1,45000 & & 1,45000 & & & \\ \hline 450.00 & & & & 45000 & & 45000 & & & \\ \hline \multirow[t]{3}{*}{80000} & & & & $0000 & & 50000 & & & \\ \hline & & (D) 65000 & 8 & 65000 & & 65000 & R2 & & \\ \hline & & (d) 90000 & & 90000 & & 90000 & 3 & & \\ \hline \multirow[t]{3}{*}{534,99000} & $34,99000 & $3,04000 & $3,04000 & $35,99000 & $35,93000 & 18,29000 & 32,00000 & 17,64000 & 3,93000 \\ \hline & & 14 & & & & 13,71000 & & & 13,71000 \\ \hline & & & & & & 53,00000 & $32,00000 & $17,64000 & $17,64000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multirow{4}{*}{ nd w } & \multicolumn{4}{|c|}{ Chart of Accounts } \\ \hline & & ASSETS & & REVENUE \\ \hline & 101 & Cash & 401 & Styling Fees \\ \hline & 122 & Accounts Receivable & & \\ \hline \multirow{13}{*}{} & 141 & Styling Supplies & & EXPENSES \\ \hline & 145 & Prepaid Insurance & 511 & Wages Expense \\ \hline & 181 & Salon Equipment & 512 & Advertising Expense \\ \hline & 181.1 & 1 Accumulated Depreciation-Salon Equipment & 521 & Rent Expense \\ \hline & & & 523 & Styling Supplies Expense \\ \hline & & LABEITIES & 525 & Phone Expense \\ \hline & 202 & Accounts Payable & 533 & Utilties Expense \\ \hline & 219 & Wages Payable & 535 & Insurance Expense \\ \hline & & & 538 & Gas and OII Expense \\ \hline & & EQUITY & 541 & Depreciation Expense-Salon equipment \\ \hline & 311E & Eleabeth Soltis, Capital & 549 & Miscellaneous Expense \\ \hline & 312E & Eleabeth Soltis, Drawing & & \\ \hline & 313I & Income Summary & & \\ \hline \end{tabular} Labels and Amount Descriptions Labele Current Assets Current Liabilites December 31, 20- Expenses For Year Ended December 31, 20 - Property. Piant, and Equipment Revenue Amount Descrintions Decrease in Capital Increase in Capital Elizabeth Soltis, Capital, January 1,20- Elizabeth Sollis, Capital, December 31, 20- Net Income Net Loss Total Assets Total Expenses Labels and Amount Descriptions For Year Ended December 31, 20- Property, Plant, and Equipment Revenue Amount Descriptions Decrease in Capital Increase in Capital Elzabeth Soltis, Capital, January 1, 20 - Eleabeth Soltis, Capital, December 31, 20- Net Income Net Loss Total Assets Total Expenses Total Current Assets Total Current Liabilities Total Liabilities and Owner's Equity Withdrawals for 20 - 1. Prepare adjusting entries and closing endries Mastery Problem Instructions Chait of Accounts Labels and Amount Descriptions General Journal Income Statement Statement of Owner's Equity Aunt Ibby's Styling Salon Statement of Owner's Equity (Label) \begin{tabular}{|lc|} \hline Balance Sheet & Aunt Ibby's Styling Salon \\ \hline & Balance Sheet \\ \hline & (Label) \\ \hline 1 & \\ \hline 2 & (Label) \\ \hline 3 & \\ \hline 4 & \\ \hline 5 & \\ \hline 6 & \\ \hline 7 & (Label) \\ \hline \end{tabular}

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