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E 11 JOURNAL Score: 142/159 ACCOUNTING EQUATION DATE POST SET DEBIT CREDIT ASSETS EQUITE Jun 30 608,500.00 1 522,100.00 48,000.00 DESCRIPTION Closing Entries Utilities Expense Salaries Expense Rent Expense Supplies Expense Depreciation Expense-Building Ulties Expense Repairs Expense 10,800.00 8,750,00 7.150.00 3.000.00 2,500.00 Insurance Expense 6,200.00 121,500.00 121,500.00 Miscellaneous Expense Stacy Tanner, Drawing Stacy Tanner, Capital Jan 30 Stacy Tanner, Capital Stacy Tanner, Drawing 12,000.00 12.000.00 Casademonstrand the women who have been the more 312160000 Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr. 2. Swan Company sold merchandise on account to Bird Company, $14,000, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $390, which was added to the invoice. The cost of the merchandise sold was $8,800. 6. Swan Company sold merchandise on account to Bird Company, $28,000, terms FOB destination, 2/15, 1/30. The cost of the merchandise sold was $16,800. 8. Swan Company paid freight of $540 for detivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $10,800, terms FOB shipping point, n/45. The cost of the merchandise sold was $6,500. 26. Bird Company paid freight of $280 on April 24 purchase from Swan Company 1. Journalize the April transactions for Bird Company (the buyer). If an amount box does not require an entry, leave it blank. Date Account Debit Credit Apr. 2 Merchandise Inventory 8,800 Accounts Payable-Swan Company 8,800 x Date Account Debit Credit Apr. 8 Merchandise Inventory 8,800 x Accounts Payable-Swan Company 8,800 X Date Account Debit Credit Apr. 12 Accounts Payable-Swan Company 14,000 X 14,000 X Cash Debit Credit Date Account 2,000 Apr. 18 Customer Refunds Payable 2,000 / Cash Date Account Debit Credit Apr. 18 Customer Refunds Payable 2,000 Cash 2,000 Date Account Debit Credit Apr. 23 Accounts Payable-Swan Company 28,000 X Cash 28,000 X Date Account Debit Credit Apr. 24 Merchandise Inventory 10,400 x Cost of Merchandise Sold X 10,400 X Date Credit Account Debit 320 X Apr. 26 320 X tot by the Finders Services Encore For Year Ended 03 AB Account in C 2000 600 4600 2.500 Accueil 4200 Acco 100 3000 2.000 12.000 Supplies 4,600 Prepaid Insurance 2,500 Building 439,500 Accumulated Depreciation-Building 7 44,200 Accounts Payable 11,700 Salaries Payable 1 3,000 Unearned Rent 2,000 Stacy Tanner, Capital 373,800 Stacy Tanner, Drawing 12,000 Service Fees 2 718,000 Rent Revenue - 12,000 Salaries Expense 522,100 Rent Expense 48,000 Supplies Expense 10,800 Depreciation Expense-Building 8,750 Utilities Expense 7,150 Repairs Expense 3,000 Insurance Expense 2,500 Miscellaneous Expense 6,200 1,164,700 1,164,700 Stacy Tanner Drawing 12,000 Service Fees - 718,000 Rent Revenue - 12.000 Salaries Expense 522,100 Rent Expense - 48,000 Supplies Expense 10.800 Depreciation Expense Building 8,750 Utilities Expense 7.150 Repairs Expense 3,000 Insurance Expense 2,500 Miscellaneous Expense 6.200 1.164,700 1.164,700 Required: 1 Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet - 2 Journakze the entries that were required to close the accounts at June 30 3 I Stacy Tanner, Gapital has instead decreased $30,000 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss? "Be sure to read the instructions for each financial statement carefully CHART OF ACCOUNTS Finders Investigative Services General Ledger ASSETS REVENUE 11 Cash 41 Service Fees 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 16 Building 17 Accumulated Depreciation-Building 51 Salaries Expense 52 Rent Expense LIABILITIES 21 Accounts Payable 53 Supplies Expense 54 Depreciation Expense-Building 55 Utilities Expense 56 Repairs Expense 57 Insurance Expense 22 Salaries Payable 23 Unearned Rent 59 Miscellaneous Expense EQUITY 31 Stacy Tanner, Capital 32 Stacy Tanner, Drawing 33 Income Summary Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 2013 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Stacy Tanner, capital, July 1, 20Y2 Stacy Tanner, capital, June 30, 20Y3 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals Pengene er tomechato conforte engineers CNOW Chowdowly doedeney when and more mor Score 140/150 ACCOUNTING COUATION OVER W CREDIT 1.500.00 1 . SD Depron me 522.000.00 3.000.00 10.200.00 750.00 1 00012 0 000 2.000 . 00000 . Sexy 1LSO + 11.000 1 Share 10000 1 1 Tane decreased ter me conges were posted and the windows and meme wat u ve been the comer er ndan 5121 500 00 See to the wind and operated by Stay Tanner on une 30, 2001. De endere local y he court orders are rices prepondendo pero Redes Investigative Services Ine-opened Spreadsheet For the Year Ended June 30, 2013 usted Account To DE 8600 4000 200 1,700 3000 2.000 33.000 owy 12.000 Uneamed Rent 2.000 Stacy Tanner, Capital 373,800 Stacy Tanner, Drawing 12,000 Service Fees 718.000 Rent Revenue - 12.000 Salaries Expense 522,100 48,000 Rent Expense Supplies Expense 10,800 Depreciation Expense-Building - B.750 Utilities Expense 7,150 3,000 Repairs Expense Insurance Expense 2.500 - Miscellaneous Expense 6.200 1,164,700 1,164,700 Required: 1 Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet 2 Journalize the entries that were required to close the accounts at June 30 3. Stacy Tanner, Capital has instead decreased $30,000 after the closing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss? "Be sure to read the instructions for each financial statement carefully CHART OF ACCOUNTS Finders Investigative Services General Ledger ASSETS REVENUE 11 Cash 41 Service Fees 42 Rent Revenue 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance EXPENSES 16 Building 17 Accumulated Depreciation-Building LIABILITIES 51 Salaries Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense-Building 55 Utilities Expense 56 Repairs Expense 57 Insurance Expense 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Rent EQUITY 31 Stacy Tanner. Capital 32 Stacy Tanner, Drawing 33 Income Summary Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 20Y3 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Stacy Tanner, capital, July 1, 20Y2 Stacy Tanner, capital, June 30, 20Y3 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals 2. pone ende period spreadset journale e cogentes Refer to me to accounts for exact wody the courses CNOW us nous estrus Every pageted for cor or orders CNOW us wil my deacedenty when we HT JOU Score 142/159 ACCOUNTING BOUADOR ALF DENT CHD BOOK Congres 400ODO 1 522,100.00 1 48.000.00 10,100.00 hustot Expense Stories Experte Rent pense Scopes Experte Dewcation Expense Building Utilities Espere Regals Expert maan Minust Solar Swanep 10 Sayap Statyanet Dwi 1,750.00 2.150.00 3.000.00 2.00.00 700.00 121.00 10 121.00 1 1 Stay awer has a decreased 50.000 arter meding entries were posted he was remained the same would have been out of recome one or OR 000 LEIS Sales-Related and purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr. 2. Swan Company sold merchandise on account to Bird Company, $14,000, terms FOB shipping point, 1/10, 1/30. Swan Company paid freight of $390, which was added to the invoice. The cost of the merchandise sold was $8,800 8. Swan Company sold merchandise on account to Bird Company, $28,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $16,800. 8. Swan Company paid freight of $540 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $10,800, terms FOB shipping point, n/45. The cost of the merchandise sold was $6,500. 26. Bird Company paid freight of $280 on April 24 purchase from Swan Company. 1. Journalize the April transactions for Bird Company (the buyer). If an amount box does not require an entry, leave it blank. Date Account Debit Credit Apr. 2 Merchandise Inventory 14,390 X Accounts Payable-Swan Company 14,390 X Date Account Debit Credit Apr. 8 Merchandise Inventory 28,000 X Accounts Payable-Swan Company 28,000 x Debit Credit Date Account Apr. 12 Accounts Payable-Swan Company 14,390 X Cash 14,250 Date Account Debit Credit Cash 2,000 Apr. 18 2,000 Merchandise Inventory Account Debit Date Credit 28,000 X Ape Accounts Payable Swan Company 27,440 Date Account Debit Credit Apr. 24 Merchandise Inventory 10,800 Accounts Payable-Swan Company 10,800 Date Account Debit Credit Apr. 26 Merchandise Inventory 280 Cash 280 2. Journalize the April transactions for Swan Company (the seller). If an amount box does not require an entry, leave it blank. Date Account Debit Credit API 2-sale Accounts Receivable-Bird Company 14,000 x Sales 14,000 X Date Account Debit Credit 390 Apr. 2-freight Accounts Receivable-Bird Company 390 Casti Account Debit Date Credit 8,800 Cost of Merchandise Sold Apr. 2-cast 8,800 Merchandise Inventory Date Account Debit Credit Apr. 8-sale Accounts Receivable-Bird Company 28,000 X Sales 28,000 x Date Account Debit Credit Apr. 8-cost Cost of Merchandise Sold 16,800 Merchandise Inventory 16,800 Date Account Debit Credit Apr. 8-freight Delivery Expense 540 Cash 540 Date Account Debit Credit Cash 14,250 Apr. 12 Accounts Receivable-Bird Company 14,390 X Debit Credit Date Account 2,000 Apr 18 Customer Refunds Payable 2,000 Cash Date Account Debit Credit Apr. 23 Cash 27,440 Accounts Receivable-Bird Company 28,000 X Date Account Debit Credit Apr. 24-sale Accounts Receivable-Bird Company 10,800 Sales 10,800 Date Account Debit Credit Apr. 24-cost Cost of Merchandise Sold 6,500 Merchandise Inventory 6,500

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