[cosmogirl]

Ending balances from Nov. 30
Cash 7200
Marketable securities 4000
Accounts recievable 4285
Notes receivable 2500
Prepaid insurance 2700
Prepaid rent 100
Office supplies 275
Accounting supplies 320
Office furniture 2400
Accum amorti- furn 220
Office machines 3600
Accum amort- machi 330
Accounts payable 2250
Notes payable 2000
Capital 10000
Drawing from capital 3500
Fee income 35295
Interest income 40
Salaries expense 15200
Rent expense 1100
Advertising expense 900
Utilities expense 650
Depreciation exp furn 220
Depreciation exp mach 330
Telephone expense 430
Miscellaneous expn. 425



dec. 1 contracted with local newspaper for three months of advertising and paid in full the total fees of 600
1 purchased additional office supplies on account 45
2 billed the hughes body and fender shop for services rendered 150
3 paid 700 on account for office equipment purchased in June
3 received 320 cash for services rendered
4 jeffery thomas withdrew 250 from the business for his personal use
5 received a check for a 30 representing interest due on marketable securities.
5 received a bill from steno swervices company for outside clerical service performed, 35. Charge is to be recorded as a miscellaneous expense of doing business.
8 paid telephone expense of 55.
9 received 270 from clients on account.
9 billed the modeling agency for services rendered, 300
10 paid an electric bill in full 85.
11 purchased a tract of land for 6000 by issuing a note payable for 4000 and paying the balance in cash.
11 accepted a 90 day 1000 note receivable from the stansbury manufacturing company for services performed.
12 purchased accounting supplies on account 100
15 paid seminmonthly salaries of 690.
16 received 400 cash for services performed.
18 billed the coleman coal company for work performed,220.
18 paid creditors in full for office supplies purchased on dec.1 and accounting supplies on dec.12.
19 received 125 from clients on account
19 paid miscellaneous expenses of 15.
22 invested another 1000 in high grade marketable securities
23 paid for advertisement presented on radio station , 95
23 received a check from the hughes body and fender shop for 150, payment on account
26 received 175 cash for work performed
29 paid miscellaneous expenses of 40
30 paid semimonthly salaries of 690
30 wrote off 100 of prepaid rent as of nov 30 to rent expense for dec.


Accured interest on notes payable 10
One month advertising was expended in accordance with agreement made with newspaper
Office supplies on hand 75
Salaries earned but not yet paid was 45
Accured interest on notes receivable was 30 accounting supplies o hand 210
Unexpired insurance premiums amounted 1800
Depreciation on office furniture and office machines was determined to be 20 and 30 respectfully .
All these were at dec.31

How would I find the net income, the balance in the cash account, the fee income account and what the capital account would be??
I'm so lost on this one
I think I'm making it more complicated then it is, and I think I might have something like this coming up on a midterm next week :eek:

[morgaine300]

There are many entries here, each one having to be done individually. Net income is revenues less expenses, but you have to do all the work first in order to get all the balances in those accounts, in order to get the net income.

And I doubt seriously anyone here is going to do all these entries for you.

If you are having issues with stuff, then you need to break it down and ask specific questions one at a time, not post one really, really long problem. You're actually probably not making it more complicated than it is. It does require a lot of work to get down to an ending answer. And we can't deal with that much material at once. If you don't know how to make all these entries, then you need to deal with that subject, one step at a time.