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    Accounting Cycle 3

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    Ahmer Naeem
    The income statement shows revenues of $168,160 and expenses of $131,140, resulting in net income of $37,020. The balance sheet lists assets of $159,340, liabilities of $131,140, and owner's equity of $28,200. Adjusting journal entries were made to accrue expenses such as consulting fees, office supplies, insurance, depreciation, advertising, interest, salaries, and unearned revenue. Closing entries transferred net income to the owner's equity account.

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    Accounting Cycle 3

    Uploaded by

    Ahmer Naeem
    10 views8 pages
    The income statement shows revenues of $168,160 and expenses of $131,140, resulting in net income of $37,020. The balance sheet lists assets of $159,340, liabilities of $131,140, and owner's equity of $28,200. Adjusting journal entries were made to accrue expenses such as consulting fees, office supplies, insurance, depreciation, advertising, interest, salaries, and unearned revenue. Closing entries transferred net income to the owner's equity account.

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    Accounting cycle 3

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    The income statement shows revenues of $168,160 and expenses of $131,140, resulting in net income of $37,020. The balance sheet lists assets of $159,340, liabilities of $131,140, and owner's equity of $28,200. Adjusting journal entries were made to accrue expenses such as consulting fees, office supplies, insurance, depreciation, advertising, interest, salaries, and unearned revenue. Closing entries transferred net income to the owner's equity account.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    10 views8 pages

    Accounting Cycle 3

    Uploaded by

    Ahmer Naeem
    The income statement shows revenues of $168,160 and expenses of $131,140, resulting in net income of $37,020. The balance sheet lists assets of $159,340, liabilities of $131,140, and owner's equity of $28,200. Adjusting journal entries were made to accrue expenses such as consulting fees, office supplies, insurance, depreciation, advertising, interest, salaries, and unearned revenue. Closing entries transferred net income to the owner's equity account.

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    of 8

    Income Statement

    Debit Credit

    10460
    15000
    2440

    6000
    900
    800
    6600
    1700

    10460 +
    1700
    168160

    6000 6000
    6600 77600
    800 2200
    2440 2440
    13200
    15000 15000
    900 14700
    131140 168160
    Net Income 37020
    Totals 168160 168160
    Balance Sheet Adjusting Entries
    Debit Credit Account Title Debit Credit
    27000 1 Accounting Receiveable 10460
    22460 Consulting fees earned 10460
    3000 2 office supplies expense 15000
    4880 office supplies 15000
    92000 3 Insurance Expense 2440
    Prepaid Insurance 2440
    18000 4 Depriciation expense 6000
    10200 Accumulated depriciation Equip 6000
    800 5 Advertising Expense 900
    6600 accounts payable 900
    14300 6 Interest expense 800
    44000 Interest payable 800
    28420 7 Salaries expense 6600
    10000 salaries payable 6600
    8 Unearned Consulting fees 1700
    Consulting fees earned 1700

    Closing Entries
    31-Dec Consulting fees earned 168160
    Income summary 168160
    31-Dec Income summary 131140
    Office equip Depriciation 6000
    salaries exp 77600
    Interest exp 2200
    insurance exp 2440
    37020 rent exp 13200
    159340 159340 Office supplies exp 15000
    Advertising exp 14700
    31-Dec Income summary 37020
    Owner's Equity 37020
    31-Dec Owner's Equity 10000
    Owner's with Draw 10000
    Income Statement

    Debit Credit

    6660
    23000
    4600

    10000
    6000
    1600
    11200
    12200

    6660 + 282860
    12200
    10000 10000
    11200 126800
    1600 8000
    4600 4600
    24000
    23000 23000
    6000 49000
    245400
    Net Income 37460
    Balance Sheet Adjusting Entries
    Account Title Debit Credit
    Debit Credit Account receiveable 6660
    48000 Consulting fees earned 6660
    76660 Office supplies Expense 23000
    7000 Office supplies 23000
    8600 Insurance Expense 4600
    150000 Prepaid Insurance 4600
    Depriciation Expense 10000
    Accumulated Depriciation 10000
    40000 Advertising Expense 6000
    42000 Accounts payable 6000
    1600 Interest expense 1600
    11200 Interest payable 1600
    17800 Salaries Expense 11200
    80000 Salaries Payable 11200
    70200 Unearned Consulting fees 12200
    Consulting fees earned 12200
    10000 Closing Entries
    Account Title Debit Credit
    Consulting fees earned 282860
    Income summary 282860
    Income summary 245400
    Depriciation Office equip 10000
    salaries expense 126800
    Interest expense 8000
    Insurance expense 4600
    Rent expense 24000
    Office supplies expense 23000
    Advertising expense 49000
    37460 Income summary 37460
    Totals 282860 282860
    300260 300260 Owner's Equity 37460
    Owner's equity 10000
    Owner's withdraw 10000

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