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Problem Set I
ACC 300

Problem Set I
Chapter 1 P1-3A

Income Statement
Service revenue $7500
Expenses:
Advertising expense $400
Supplies expense $1000
Maintenance and repairs expense $600
Utilities expense $300
Salaries and wages expense $1400
Total Expenses $3700
Net Income $3800

The total net income was $3800 and expenses totaled $3700. This resulted in a successful profit for the first month.

Balance Sheet
Assets:
Cash $4600
Accounts receivable $4000
Supplies $2400
Equipment $26000
Total Assets $37000
Liabilities:
Accounts payable $500
Notes payable $12000
Total Liabilities $12500
Stockholders' Equity
Common stock $22100
Retained Earnings $2400
Total Stockholders' Equity $24500
Total Liabilities and Stockholders' Equity $37000

Statement of Retained Earnings
Balance July 1 $0
Net Income $3800
Less:
Dividends $1400
Balance June 30 $2400

Chapter 3 P3-5A

LEDGER ACCOUNT | | | | DATE | ACCOUNT | DEBIT ( + ) | CREDIT ( - ) | 1 | 4/1/2012 | Cash | 18000.00 | | | | Exchanged for Common Stock | | 18000.00 | 2 | 4/1/2012 | Hired Secretary | | | | | $375 per week | | | 3 | 4/2/2012 | Rent | 900.00 | | | | Paid Rent | | | 4 | 4/3/2012 | Spring Green | 1300.00 | | | | Architectural Supplies | | | 5 | 4/10/2012 | Client | 1900.00 | | | | Carport Blueprints | | | 6 | 4/11/2012 | J. Madison | | | | | Cash advance for services rendered on a new home | | 700.00 | 7 | 4/20/2012 | M. Svetlana | | | | | Services Rendered | | 2800.00 | 8 | 4/30/2012 | Payday | 1500.00 | | | | Paid Secretary | | | 9 | 4/30/2012 | Spring Green | | | | | Payable due | | 300.00 | 10 | | TOTAL | 23600.00 | 21800.00 | | | | | |

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