Scribd Logo
Upload

Welcome to Scribd!

  • 30 views

    Century 21 Accounting - Multicolumn Journal - 9780357704868 - Exercise 2 - Quizlet

    Uploaded by

    Presley Kwasniewski
    The document is an exercise from the 10th edition of the textbook "Century 21 Accounting: Multicolumn Journal" that teaches how to prepare a balance sheet. It provides 3 steps: 1) Introduces balance sheets and what they report, 2) Gives the formula for a balance sheet, 3) Demonstrates preparing the balance sheet for Lee's Home Repair as of January 31 showing assets, liabilities, and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content

    You might also like

    Century 21 Accounting - Multicolumn Journal - 9780357704868 - Exercise 2 - Quizlet

    Uploaded by

    Presley Kwasniewski
    30 views4 pages
    The document is an exercise from the 10th edition of the textbook "Century 21 Accounting: Multicolumn Journal" that teaches how to prepare a balance sheet. It provides 3 steps: 1) Introduces balance sheets and what they report, 2) Gives the formula for a balance sheet, 3) Demonstrates preparing the balance sheet for Lee's Home Repair as of January 31 showing assets, liabilities, and owner's equity.

    Original Description:

    The only reason eeyioreui Remember to get your hands wet before the next game and make

    Original Title

    Century 21 Accounting- Multicolumn Journal - 9780357704868 - Exercise 2 | Quizlet

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document is an exercise from the 10th edition of the textbook "Century 21 Accounting: Multicolumn Journal" that teaches how to prepare a balance sheet. It provides 3 steps: 1) Introduces balance sheets and what they report, 2) Gives the formula for a balance sheet, 3) Demonstrates preparing the balance sheet for Lee's Home Repair as of January 31 showing assets, liabilities, and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    30 views4 pages

    Century 21 Accounting - Multicolumn Journal - 9780357704868 - Exercise 2 - Quizlet

    Uploaded by

    Presley Kwasniewski
    The document is an exercise from the 10th edition of the textbook "Century 21 Accounting: Multicolumn Journal" that teaches how to prepare a balance sheet. It provides 3 steps: 1) Introduces balance sheets and what they report, 2) Gives the formula for a balance sheet, 3) Demonstrates preparing the balance sheet for Lee's Home Repair as of January 31 showing assets, liabilities, and owner's equity.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Social Science Economics Finance Century 21 Accounting: Multicolumn Journal (10th Edition)

    Exercise 2
    Chapter 7, Page 208

    Century 21 Accounting: Multicolumn Journal

    ISBN: 9780357704868

    Table of contents

    Solution Verified

    Answered 1 year ago

    Step 1 1 of 3

    In this exercise, we will prepare the balance sheet of Lee's Home


    Repair for the month ending January 31.

    Step 2 2 of 3

    A balance sheet is a financial statement that reports a company's


    Assets , Liabilities , and shareholder equity . Its purpose is to show the

    financial position of the company.

    The formula to be used in preparing the balance sheet is given


    below.

    Assets = Liabilities + Equity


    :
    Step 3 3 of 3

    Let us now prepare the balance sheet.

    Lee’s Home Repair


    Balance Sheet
    As of January 31

    Assets
    Cash $ 1, 900.00
    Petty Cash 200.00
    Account Receivable- J. Greenstein 175.00
    Supplies 160.00
    Prepaid Insurance 240.00
    Total Assets $2, 675.00

    Liabilities
    Accounts Payable- Superior Supplies $ 400.00
    Accounts Payable- Media Plus 300.00
    Total Liabilities 700.00
    Owner’s Equity
    Timothy Lee, Capital , beg. 2, 128.00
    Net Income 797.00
    Timothy Lee, Drawing (950.00)
    Timothy Lee, Capital, end 1, 975.00
    Total Liabilities and Owner’s Equity $2, 675.00
    :
    Rate this solution

    Exercise 1 Exercise 1

    Get an in-depth understanding with AI

    Define a concept

    Teach me something new

    Privacy Terms English (USA)


    :
    :

    You might also like