Journal Entries, Income statement, balance sheet
Not what you're looking for?
Enclosed is the following jpg or pdf (same file)
Ive been working on this for an hour but i cant get it to balance!!
Using the information provided, prepare journal entries, a balance sheet and an income statement using the accrual basis of accounting
please state all assumptions
thanks!
Purchase this Solution
Solution Summary
The expert examines journal entries, income statements and balance sheets.
Solution Preview
1. Cash 105,000
Paid-in capital 105,000
2. Store equipment 24,000
Cash 24,000
(depreciation is then 24,000/10 = 2,400 annually, or 1,200 for 6 months)
Depreciation 1,200
Store equipment 1200
3. Prepaid rental ...
Purchase this Solution
Free BrainMass Quizzes
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Introduction to Finance
This quiz test introductory finance topics.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.