A portion of the work sheet of Habib Company for the year ended December 31 follows. Required
Question:
Required
1. Determine the entries that appeared in the Adjustments columns and present them in general journal form on page 41.
2. Determine the net income for the year.
3. What is the amount of the endingcapital?
Transcribed Image Text:
INCOME STATEMENT DEBIT BALANCE SHEET DEBIT 6ACCOUNT NAME CREDIT 7 Cash 8 Merchandise Inventory 9 Supplies 10 Prepaid Insurance 11 Store Equipment 12 Accumulated Depreciation, Store Equipment 13 Accounts Payable 7,736.00 74 298.00 298.00 250.00 37,960.00 29,440.00 13,760.00 75,14200 14 O. B. Habib, Capital O. B. Habib, Drawing 1 30.800.00 16 Seles 17 Salas Retums and Allowances 171,816.00 1,434.00 85,934.00 18 Purchases 19 Purchases Returns and Allowances 964.00 1,636.00 20 Purchases Discounts 23 Rent Expense 26 Depreciation Expense, Store Equipment 29 Salaries Payable 21 Freight In 22 Salary Expense 2,658.00 37,852.00 14.400.00 24 68,228.00 4,360.00 552.00 884.00 25 Income Summary 74 298.00 27 Insurance Expense 28 Supplies Expense 588.00 216,302.0024871400 151 342.00 118,930.00 30 31
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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