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    PR 2-2A Chapter 2

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    Naufal I L
    1. The document contains journal entries for various transactions of a sole proprietorship business owned by Sharon Matthews, including the receipt of capital, payment of expenses, and the distribution of earnings. 2. T-accounts are provided to illustrate the debits and credits for key accounts: Cash, Rent Expense, Supplies, Accounts Payable, Fees Earned, and others. 3. A trial balance section shows the balances of accounts at the end of the period, with Cash at $38,000 and Net Income of $3,550.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    PR 2-2A Chapter 2

    Uploaded by

    Naufal I L
    818 views4 pages
    1. The document contains journal entries for various transactions of a sole proprietorship business owned by Sharon Matthews, including the receipt of capital, payment of expenses, and the distribution of earnings. 2. T-accounts are provided to illustrate the debits and credits for key accounts: Cash, Rent Expense, Supplies, Accounts Payable, Fees Earned, and others. 3. A trial balance section shows the balances of accounts at the end of the period, with Cash at $38,000 and Net Income of $3,550.

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    PR 2-2A chapter 2

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    1. The document contains journal entries for various transactions of a sole proprietorship business owned by Sharon Matthews, including the receipt of capital, payment of expenses, and the distribution of earnings. 2. T-accounts are provided to illustrate the debits and credits for key accounts: Cash, Rent Expense, Supplies, Accounts Payable, Fees Earned, and others. 3. A trial balance section shows the balances of accounts at the end of the period, with Cash at $38,000 and Net Income of $3,550.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    818 views4 pages

    PR 2-2A Chapter 2

    Uploaded by

    Naufal I L
    1. The document contains journal entries for various transactions of a sole proprietorship business owned by Sharon Matthews, including the receipt of capital, payment of expenses, and the distribution of earnings. 2. T-accounts are provided to illustrate the debits and credits for key accounts: Cash, Rent Expense, Supplies, Accounts Payable, Fees Earned, and others. 3. A trial balance section shows the balances of accounts at the end of the period, with Cash at $38,000 and Net Income of $3,550.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    1.

    Journal entries and trial balance


    Debit Credit
    a. Cash 40,000
    Sharon Matthews, Capital 40,000

    b. Rent expense 6,000


    Cash 6,000

    c. Supplies 3,200
    Cash 3,200

    d. Accounts Payable 1,750


    Cash 1,750

    e. Cash 18,250
    Fees Earned 18,250

    f. Automobile Expense 1,880


    Miscellaneous expense 420
    Cash 2,300

    g. Office Salaries Expese 5,000


    Cash 5,000

    h. Supplies Expense 1,400


    Supplies 1,400

    i. Sharon Matthews, Drawing 2,000


    Cash 2,000
    2. T Accounts

    Cash Sharon Matthews, Capital


    a. 40,000 6,000 b. 40,000 a.
    e. 18,250 3,200 c.
    1,750 d.
    2,300 f.
    5,000 g.
    2,000 i.
    58,250 20,250
    Saldo 38,000

    Rent Expense Supplies


    b. 6,000 c. 3,200 1,400 h.

    Saldo 1,800

    Accpounts Payable Fees Earned


    d. 1,750 18,250 e.

    Automobile Expense Miscellaneous expense


    f. 1,880 f. 420

    Sharon Matthews, Drawing Supplies expense


    g. 2,000 h. 1,400

    Office Salaries Expense


    g. 5,000
    3. Trial Balance

    Cash 38,000 Account Payable - 1,750


    Supplies 1,800 Sharon Matthews, Capital 40,000
    Sharon Matthews, Drawing - 2,000

    Net Income 3,550

    39,800 39,800
    Income Statement
    Revenue 18,250
    Expense
    Rent Expese 6,000
    Supplies Expense 1,400
    Automobile Expense 1,880
    Miscellaneous Expense 420
    Office Salaries Expense 5,000
    Total Expense 14,700

    Net Income 3,550

    Owner's equity for January

    Sharon Matthews, Capital 4,000


    Sharon Matthews, Drawing - 2,000
    Net Income 3,550
    Increase of Owner's equity for January 1,550
    Balance 5,550

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