Acct Problem B

Copyright © 2011 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 10/e, Solutions Manual (For Instructor Use Only) 1-33

PROBLEM 1-1B

(a) VINCE’S TRAVEL AGENCY | | | | | | | | | | | | | Owner’s Equity | | | Cash | + | AccountsReceivable | + | Supplies | + | Equipment | = | AccountsPayable | + | Owner’sCapital | – | Owner’s
Drawings | + | Revenues | – | Expenses | | | | | | | | | | | | | | | | | | | | 1.2.3.4.5.6.7.8.9.10. | | +$15,000+ 15,000+ –600+ 14,400+ –3,000+ 11,400+000,000+ 11,400+ –800+ 10,600– +3,000+ 13,600+ –500+ 13,100+ –500+ 12,600+ –2,500+ 10,100– +4,000+$14,100 | +++++ | +$7,000+ 7,000+ 0,000+ 7,000+ 0,000+ 7,000+ 0,000+ 7,000+–4,000+$3,000 | ++++++ | +$800+ 800+0000+ 800+0000+ 800+0000+ 800+0000+ 800+ +$800 | ++++++++ | +$3,000+ 3,000+00,000+ 3,000+00,000+ 3,000+00,000+ 3,000+00,000+ 3,000+00,000+ 3,000+00,000+ 3,000+ +$3,000 | ========== | +$700+ 700+0000+ 700+0000+ 700+0000+ 700+–500 200+0000 200 +$200 | +++++ | +$15,000+ 15,000++ 15,000+000,000+ 15,000++ 15,000+000,000+ 15,000–+ 15,000++ 15,000+000,000+ 15,000+ 15,000 +$15,000 | – | –$500–500–500–500 $500 | + | +$10,000 10,000 10,000 10,000 10,000 $10,000 | – | –$600 –600 –600 –700–1,300–1,300–1,300–1,300–1,300–2,500–3,800 $3,800 | | | $20,900 | | | $20,900 | | | | |

SOLUTIONS TO PROBLEMS

PROBLEM 1-1C
PROBLEM 1-1B (Continued)

(b) Service revenue $10,000 Expenses Salaries and wages $2,500 Rent 600 Advertising 700 3,800 Net income $ 6,200

PROBLEM 1-3B |

(a) CRAZY CREATIONS CO. Income Statement For the Month Ended June 30, 2012

Revenues Service revenue $6,700 Expenses Supplies expense $1,600 Advertising expense 500 Gasoline expense 200 Utilities expense 150