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    Pa7 G3 Tt2-Submission

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    dangkhanhhuyen294
    The document provides instructions for recording journal entries and transactions for ACB Company for the month of July, including posting entries to T-accounts and the general ledger. It then instructs to prepare an income statement, statement of owner's equity, and balance sheet using the trial balance ending balances. The instructions are to record transactions, post to accounts, and prepare financial statements for ACB Company for the month of July.

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    Pa7 G3 Tt2-Submission

    Uploaded by

    dangkhanhhuyen294
    13 views7 pages
    The document provides instructions for recording journal entries and transactions for ACB Company for the month of July, including posting entries to T-accounts and the general ledger. It then instructs to prepare an income statement, statement of owner's equity, and balance sheet using the trial balance ending balances. The instructions are to record transactions, post to accounts, and prepare financial statements for ACB Company for the month of July.

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    PA7_G3_TT2-SUBMISSION

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    The document provides instructions for recording journal entries and transactions for ACB Company for the month of July, including posting entries to T-accounts and the general ledger. It then instructs to prepare an income statement, statement of owner's equity, and balance sheet using the trial balance ending balances. The instructions are to record transactions, post to accounts, and prepare financial statements for ACB Company for the month of July.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    13 views7 pages

    Pa7 G3 Tt2-Submission

    Uploaded by

    dangkhanhhuyen294
    The document provides instructions for recording journal entries and transactions for ACB Company for the month of July, including posting entries to T-accounts and the general ledger. It then instructs to prepare an income statement, statement of owner's equity, and balance sheet using the trial balance ending balances. The instructions are to record transactions, post to accounts, and prepare financial statements for ACB Company for the month of July.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 7

    2. Record the July transactions in the journal.

    Include an explanation for each entry.

    3. Post the journal entries to the T-accounts.

    You can use their “Beginning Balance” as of July 1 (or “Ending Balances” as of June 30) (picture 1).
    Label the balance of each account Bal.
    4. Post the journal entries to General ledger.

    Assume the journal entries were recorded on page 5 of the journal.


    5. Prepare the trial balance of at July 31.

    ACB COMPANY
    Income Statement
    For the Month Ended July 31, 2023

    Revenues

    Service Revenue $ 2,400


    Expenses
    6.Salaries
    PrepareExpense
    the income statement, statement of owner’s equity and a balance sheet for July using the
    ending balance from Trial Balance.
    Rent Expense $ 510
    Utilities Expense

    Total Expense 510


    Net Income $ 1890
    ACB COMPANY
    Owner’s Equity Statement
    For the Month Ended July 31, 2023

    Owner’s capital, July 1 $ -0-

    Add: Investment $ 16,000


    17,890
    Net income 1890

    17,890
    Less: Drawings
    1000

    Owner’s capital, July 31 $ 16,890

    ACB COMPANY
    Balance Sheet
    July 31, 2023

    Assets
    Cash $ 15,930
    Account Receivable 2,400
    Supplies 860
    Equipment 3,200
    Total Assets $ 22,390
    Liabilities and Owner’s Equity
    Liabilities

    Note Payable 5,500


    Owner’s Equity
    Owner’s capital 16,890
    Total Liabilities and Ownerls Equity $ 22,390

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