1 Determine the cost recorded in the journal for the following situation;

Blazing Co. is looking for a new stove and has narrowed down their purchase to two different stoves. Stove
Stove 1 cost 1,500
Stove 2 costs 1,700
Negotiated cost for Stove #2 1,400
They ran the numbers and decided that they want to purchase stove #1
They were able to negotiate the price on stove #1 to be 50 cheaper.

Cost of Stove 2,850

2 Use the accounting equation to solve the problems below

A) Barnes Co. has 4,200 in owners equity
and 2,200 in liabilities. Find the total assets.
B) James Co has 13,000 in liabilities and
and 26,000 in assets. Find the owner's equity.
C) Lanes Co has 44,000 in assets,
and 24,000 in owner's equity. Find the liabilities.

A) Total Assets 6,400

B) Owner's Equity 13,000
C) Liabilities 20,000

3 Prepare an income statement for Jones Co. for the year ending December 31, 2018, using the following data.
Cash 8,000
Miscellaneous Expense 100
Wages Expense 150
Rent Expense 200
Fees Earned 11,000
Office Expense 200
Accounts Payable 3,000

Jones Company
Income Statement
For the Year Ending: December 31, 2018
Revenue
Fees Earned 11,000
Total Revenue 11,000
Expenses
Miscellaneous Expense 100
Wages Expense 150
Rent Expense 200
Office Expense 200
Total Expenses 650
Net Income 10,350

4 Prepare a statement of Owners' Equity for Jones Co., for the year ending December 2018
Owners' Equity, Jones, as of December 31, 2017 4,000
Owners' Drawing, Jones 1,500
Investments 200
Net Income for the year 10,350

Jones Company
Statement of Owner's Equity
For the Month Ending: December 31, 2017
Jones: Capital 4,000
Jones: Other Investments 200
 Net Income 10,350

Withdrawals (1,500)
Increase in Owner's Equity 13,050
Jones Capital: December 31,2017 13,050

5 Prepare a balance sheet for Jones Co. as of December 31, 2018, using the following data and the owners' equity found above
Accounts Payable 3,000
Accounts Receivable 2,200
Cash 8,000
Land 14,000
Salaries Payable 6,200
Supplies 550
Unearned revenue 2,500

Jones Company
Balance Sheet
As of December 31, 2018
Assets
Cash 8,000
Accounts Receivable 2,200
Land 14,000
Supplies 550
Total Assets 24,750
Liabilities
Accounts Payable 3,000
Salaries Payable 6,200
Unearned Revenue 2,500
Equity
Jones, Capital 13,050
Total Liabilities and Equity 24,750