The following ten transactions occurred during the July grand opening of the PancakePalace. Assume all Retained Earnings transactions relate to the primary purpose of thebusiness.A. Calculate the ending balance for each account. For those boxes in which you mustenter subtractive or negative numbers use a minus sign.AssetsLiabilitiesOwner's EquityAccountsWagesCommonRetainedCashInventoryEquipmentPayablePayableStockEarnings1$55,000$55,0002(6,000)$6,000$23,000$23,00041,250$1,250(750)(750)6600(600)7$3,000(3,000)83,1003,100200(200)10(1,000)1,000Ending Balance$4B. Create the income statement. Use minus sign to indicate the loss.Pancake PalaceIncome StatementFor the Month Ended July 31C. Create the statement of owner's equity. If an amount box requires a zero, enter "0".For those boxes in which you must enter subtractive or negative numbers use a minussign.Pancake PalaceStatement of Owner's EquityFor the Month Ended July 31Ending Balance D. Create the balance sheet. For those boxes in which you must enter subtractive ornegative numbers use a minus sign.Pancake PalaceBalance SheetJuly 31Assets:Total AssetsLiabilities:Total LiabilitiesOwner's Equity:Total Owner's EquityTotal Liabilities and Owner's Equity

Balance Sheet: Balance sheet is a financial statement which helps to know financial position of…

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Business

Accounting

ssume all Reta

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6PB: Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are...

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SQuestion 2-W02 Homework As X SConnect mheducation.com/ext/map/index.html?_con3Dcon&external_ browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252 Guest | BYU-Idaho's Personalizec X and P Indeed CAS-Central Authentication S Monster Jobs *** Degree Programs 6 102 High Energy Make.. work: Assignment 2 i @ -Learn: Student Da. S Consumer Center & The Ultimate G panes Dakota Company experienced the following events during Year 2. 1. Acquired $30,000 cash from the issue of common stock. 2. Paid $12,000 cash to purchase land. 3. Borrowed $10,000 cash. 4. Provided services for $20,000 cash. 5. Paid $1,000 cash for utilities expense. 6. Paid $15,000 cash for other operating expenses. 7. Paid a $2,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2 is now $12,700. Required a. The January 1, Year 2, general ledger account balances are shown in the following accounting equation. Record the eight events in the…
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 Required A 03 0% 3% 3% View transaction liet G2 Required B Transaction 2 Debit B Debit Record entry Debit Note: Enter debits before credits. Debit Journal entry worksheet Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Account Number 318 Credit Balance Date 81,000 May 31 Number 319 Insurance Expense Balance 47.000 Account Credit Record the entry to close experise accounts. General Ledger Clear entry May 31 Account Number 403 Rent Expense Balance Date 142, 722 May 31 Income Summary Account Number 603 Credit Balance 21,000 Salarics Expense General Journal Date Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from…
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Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem 6-5B. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 7,000. 4. Prepare closing entries as of June 30, 2016.
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Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.