Journal Entries, Income statement, balance sheet
Not what you're looking for? Search our solutions OR ask your own Custom question.
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!
© BrainMass Inc. brainmass.com March 4, 2021, 6:10 pm ad1c9bdddfhttps://brainmass.com/business/balance-sheet/journal-entries-income-statement-balance-sheet-33237
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 ...
Solution Summary
The expert examines journal entries, income statements and balance sheets.
$2.49