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Cash Petty Cash Account Title Accounts receivable Supplies Insurance Accounts payable Ray Brown, Capital Ray Brown, Drawings Income Summary Sales Advertising expense Insurance expense Miscellaneous expense Supplies expense Utilities expense Net Income $ $ S $ S S $ S $ Trial Balance Debit 21,980.00 300.00 6,250.00 12,100.00 3,600.00 7,000.00 2,530.00 780.00 5,560.00 $ $ $ Credit 1,100.00 10,000.00 49,000.00 Browns plumbing and heating For the fiscal period Ending December 31st, 20xx $ $ Debit Adjustments 2,700.00 6,500.00 Credit $ $ 6,500.00 2,700.00 S S S S S S Income Statement Debit 2,530.00 2,700.00 780.00 6,500.00 5,560.00 30 930 00 $ Credit 49,000.00 S $ $ S $ $ Balance Sheet Debit 21,980.00 300.00 6,250.00 5,600.00 900.00 7,000.00 Credit $ 1,100.00 $ 10,000.00 S 30 930 00

Cash Petty Cash Account Title Accounts receivable Supplies Insurance Accounts payable Ray Brown, Capital Ray Brown, Drawings Income Summary Sales Advertising expense Insurance expense Miscellaneous expense Supplies expense Utilities expense Net Income $ $ S $ S S $ S $ Trial Balance Debit 21,980.00 300.00 6,250.00 12,100.00 3,600.00 7,000.00 2,530.00 780.00 5,560.00 $ $ $ Credit 1,100.00 10,000.00 49,000.00 Browns plumbing and heating For the fiscal period Ending December 31st, 20xx $ $ Debit Adjustments 2,700.00 6,500.00 Credit $ $ 6,500.00 2,700.00 S S S S S S Income Statement Debit 2,530.00 2,700.00 780.00 6,500.00 5,560.00 30 930 00 $ Credit 49,000.00 S $ $ S $ $ Balance Sheet Debit 21,980.00 300.00 6,250.00 5,600.00 900.00 7,000.00 Credit $ 1,100.00 $ 10,000.00 S 30 930 00

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 16MCQ
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Fill in the income summary.

Account Title Cash Petty Cash Accounts receivable Supplies Insurance Accounts payable Ray Brown, Capital Ray Brown, Drawings Income Summary Sales Advertising expense Insurance expense Miscellaneous expense Supplies expense Utilities expense Net Income $ $ S $ $ S S Trial Balance $ Debit 21,980.00 300.00 6,250.00 12,100.00 3,600.00 S 2,530.00 7,000.00 780.00 5,560.00 Credit $ 1,100.00 $ 10,000.00 $ 49,000.00 Browns plumbing and heating For the fiscal period Ending December 31st, 20xx $ $ Debit Adjustments 2,700.00 6,500.00 Credit $ 6,500.00 $ 2,700.00 Income Statement Debit $ 2,530.00 $ $ 2,700.00 780.00 $ 6,500.00 S 5,560.00 $ 30,930.00 Credit $ 49,000.00 $ $ S $ S $ Balance Sheet Debit 21,980.00 300.00 6,250.00 5,600.00 900.00 7,000.00 Credit $ 1,100.00 $ 10,000.00 $ $ 42,030.00 $ 30,930.00 42,030.00
Transcribed Image Text:Account Title Cash Petty Cash Accounts receivable Supplies Insurance Accounts payable Ray Brown, Capital Ray Brown, Drawings Income Summary Sales Advertising expense Insurance expense Miscellaneous expense Supplies expense Utilities expense Net Income $ $ S $ $ S S Trial Balance $ Debit 21,980.00 300.00 6,250.00 12,100.00 3,600.00 S 2,530.00 7,000.00 780.00 5,560.00 Credit $ 1,100.00 $ 10,000.00 $ 49,000.00 Browns plumbing and heating For the fiscal period Ending December 31st, 20xx $ $ Debit Adjustments 2,700.00 6,500.00 Credit $ 6,500.00 $ 2,700.00 Income Statement Debit $ 2,530.00 $ $ 2,700.00 780.00 $ 6,500.00 S 5,560.00 $ 30,930.00 Credit $ 49,000.00 $ $ S $ S $ Balance Sheet Debit 21,980.00 300.00 6,250.00 5,600.00 900.00 7,000.00 Credit $ 1,100.00 $ 10,000.00 $ $ 42,030.00 $ 30,930.00 42,030.00
ACCOUNT Ray Brown, Drawing DATE Dec. 1 DATE ITEM ACCOUNT Income Summary ITEM POST. REF. DEBIT 1 $ 7,000.00 POST. REF. DEBIT ACCOUNT NO. CREDIT BALANCE CREDIT DEBIT $ 7,000.00 ACCOUNT NO. BALANCE DEBIT 320 CREDIT CREDIT
Transcribed Image Text:ACCOUNT Ray Brown, Drawing DATE Dec. 1 DATE ITEM ACCOUNT Income Summary ITEM POST. REF. DEBIT 1 $ 7,000.00 POST. REF. DEBIT ACCOUNT NO. CREDIT BALANCE CREDIT DEBIT $ 7,000.00 ACCOUNT NO. BALANCE DEBIT 320 CREDIT CREDIT
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