You will have to write a Income statement for one problem, a jou
-Needs to be done by Monday 2/21/22.
-I will attach the PDF file with the questions (It is 3 simple problems)
-Needs to be completed on a Excel sheet. Each problem has to be on its own tab
– You will have to write a Income statement for one problem, a journal entry for one problem and adjusting a journal entry on the last problem (its a total of 3 problems)
Chapter1
| Problem 1 – Prepare an income statement | |||
| The following information relates to Kay's Beauty Salon for 2021: | |||
| Supplies expense | $8,448 | ||
| Product sales revenue | $22,356 | ||
| Utilities expense | $6,555 | ||
| Salaries expense | $35,000 | ||
| Service revenue | $99,113 | ||
| Rent expense | $60,000 | ||
| Purpose | |||
| The purpose of this problem is to demonstrate an understanding of analyzing accounting information and preparing a financial statement. | |||
| Instructions | |||
| After analyzing the data, prepare an income statement for Kay's Beauty Salon for the year ending December 31, 2021. | |||
| Guidance | |||
| For formatting guidance, see the income statement examples that are provided in Chapter 1 of the textbook. | |||
| Your Answer: |
Chapter2
| Problem 2 – Prepare journal entries | |
| TreTech Corporation (TreTech) sells technology products and provides technology services to customers. The company had the | |
| following transactions: | |
| 1. | TreTech purchased a cash register (to be used for the business) on account for $850. |
| 2. | The company received $3,070 from customers for selling technology products. |
| 3. | TreTech paid $620 for its utility bill. |
| 4. | The company provided services of $495 to customers on account. |
| Purpose | |
| The purpose of this problem is to demonstrate an understanding of analyzing transactions and preparing journal entries. | |
| Instructions | |
| After analyzing the transactions, prepare a journal entry for each transaction. | |
| Guidance | |
| For formatting guidance, see the journal entry examples that are provided in Chapter 2 of the textbook. | |
| Your Answers: |
Chapter3
| Problem 3 – Prepare adjusting journal entries | |
| HandiQ Inc. is a hardware store that sells goods and provides services. Analysis of the company's accounts in May 2021 showed the following: | |
| 1. | On May, 1 2021, HandiQ Inc. had a supplies account balance of $4,320. On May 31, 2021, the company had |
| supplies on hand totaling $2,900. | |
| 2. | On March 1, 2021, the company prepaid rent of $30,000 for three months (March 2021, April 2021 and May 2021). |
| The company needs to adjust its accounts for the rent that was used in May 2021. | |
| 3. | On January 1, 2021, HandiQ Inc. borrowed $18,000 from a bank signing a 5-year note. The annual interest rate is 9%. |
| 4. | In May, the company performed services worth $1,670 that were not billed to customers by May 31st. |
| Purpose | |
| The purpose of this problem is to demonstrate an understanding of analyzing transactions and preparing adjusting journal entries. | |
| Instructions | |
| After analyzing the transactions, prepare the adjusting entries for the month of May (i.e., that the company needs to record for May 31, 2021). | |
| Guidance | |
| For formatting guidance, see the adjusting journal entry examples that are provided in Chapter 3 of the textbook. | |
| Your Answers: |
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