I get Debits of 7,100.
Credits of 17,200 (including misc. credit of 10,000)
Net Income of 100, if you ignore the 10,000.
Sra
Please Help. I can't get the balance sheet to balance out at at. I am frustrated!
Prepare a Trial Balance, an Income Statement and a Balance Sheet.
Doris' Custom Designs
Jan. 1 Doris deposits $10,000 in the bank to start her business.
(Hint: use "misc. credit" column.)
Jan. 2 Doris pays $800 for rent for January. (Cheque #100)
Jan. 6 Doris pays $1,200 to a local newspaper for an "advertorial". (Cheque #101)
Jan. 6 Doris receives $2,200 cash for her first design consultation.
Jan. 10 Doris pays $600 to a part-time secretary. (Cheque #102)
Jan. 11 Doris purchases office supplies for $160. (Cheque #103)
Jan. 15 Doris receives $1,200 cash for another design consulting job.
Jan. 20 Doris purchases new computer equipment for $3,600. (Cheque #104)
Jan. 24 Doris pays $400 to produce flyers promoting her business. She uses cheque #105.
Jan. 30 Doris receives her telephone bill for January for $180. She pays it with cheque #106.
Jan. 30 Doris pays $160 to the hydro company for her office, using cheque #107.
Jan. 31 Doris receives $3,800 for a large consulting job that she has just completed.
2 answers
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hamzanajam @ h o t m a i l . c o m