NAMA : DANU ABDUROZAK

KELAS : 21ME
QUIZ 1 Accounting Equation And Financial Statement
Accounting Equation : ASSETS = LIABILITIES + EQUITY

The Answer of Exercise (P1-2B)

(a)
CINDY BELTON, ATTORNEY AT LAW

Accounts Office Notes Accounts Share Retained

Cash + Receivable + Supplies + Equipment = Payable + Payable + Capital - Ordinary + Earnings + Revenues - Expenses - Dividends
Bal. $4,000 + $1,500 + $500 + $5,000 = $4,200 + $6,000 + $800
1. +1,400 -1,400
5,400 + 100 + 500 + 5,000 = 4,200 + 6,000 + 800
2. -2,700 -2,700
2,700 + 100 + 500 + 5,000 = 1,500 + 6,000 + 800
3. +3,000 + 6,000 +$9,000 (a)
5,700 + 6,100 + 500 + 5,000 = 1,500 + 6,000 + 800 + 9,000
4. -400 +1,000 +600
5,300 + 6,100 + 500 + 6,000 = 2,100 + 6,000 + 800 + 9,000
5. -4,250 -$3,000 (b)
-900 (c)
-350 (d)
1,050 + 6,100 + 500 + 6,000 = 2,100 + 6,000 + 800 + 9,000 - 4,250
6. -750 -$750 (e)
300 + 6,100 + 500 + 6,000 = 2,100 + 6,000 + 800 + 9,000 - 4,250 - 750
7. +2,000 +$2,000
2,300 + 6,100 + 500 + 6,000 = 2,000 + 2,100 + 6,000 + 800 + 9,000 - 4,250 - 750
8. +250 + -250 (f)
$2,300 + $6,100 + $500 + $6,000 = $2,000 + $2,350 $6,000 + $800 + $9,000 - $4,500 - $750

$14,900 $14,900
(b)
CINDY BELTON, ATTORNEY AT LAW
Income Statement
For the Month Ended August 31, 2011

Revenues
Service revenue................................................................................................ $9,000
Expenses
Salaries expense............................................................................................... $3,000
Rent expense..................................................................................................... 900
Advertising expense.......................................................................................... 350
Utilities expense.................................................................................................. 250
Total expense............................................................................................. 4,500
Net income................................................................................................................ $4,500

CINDY BELTON, ATTORNEY AT LAW

Retained Earnings Statement
For the Month Ended August 31, 2011

Retained earnings, August 1................................................................................... $800

Add: Net income...................................................................................................... 4,500
5,300
Less: Dividends........................................................................................................ 750
Retained earnings, August 31................................................................................. $4,550
 CINDY BELTON, ATTORNEY AT LAW
Statement of Financial Position
August 31, 2011

Assetss
Office equipment................................................................................................ $6,000
Supplies............................................................................................................... 500
Accounts receivable............................................................................................ 6,100
Cash...................................................................................................................... 2,300
Total assets................................................................................................... $14,900

Equity and Liabilities

Equity
Share capital-ordinary................................................................................ $6,000
Retained earnings........................................................................................ 4,550
Total equity............................................................................................. $10,550
Liabilities
Notes payable................................................................................................ 2,000
Accounts payable.......................................................................................... 2,350
Total liabilities......................................................................................... 4,350
Total equity and liabilities.................................................................................. $14,900