Cash Petty Cash Account Title Accounts receivable Supplies Insurance Accounts payable Ray Brown, Capital Ray Brown, Drawings Income Summary Sales Advertising expense Insurance expense Miscellaneous expense Supplies expense Utilities expense Net Income $ $ S $ S S $ S $ Trial Balance Debit 21,980.00 300.00 6,250.00 12,100.00 3,600.00 7,000.00 2,530.00 780.00 5,560.00 $ $ $ Credit 1,100.00 10,000.00 49,000.00 Browns plumbing and heating For the fiscal period Ending December 31st, 20xx $ $ Debit Adjustments 2,700.00 6,500.00 Credit $ $ 6,500.00 2,700.00 S S S S S S Income Statement Debit 2,530.00 2,700.00 780.00 6,500.00 5,560.00 30 930 00 $ Credit 49,000.00 S $ $ S $ $ Balance Sheet Debit 21,980.00 300.00 6,250.00 5,600.00 900.00 7,000.00 Credit $ 1,100.00 $ 10,000.00 S 30 930 00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Fill in the income summary.

Account Title
Cash
Petty Cash
Accounts receivable
Supplies
Insurance
Accounts payable
Ray Brown, Capital
Ray Brown, Drawings
Income Summary
Sales
Advertising expense
Insurance expense
Miscellaneous expense
Supplies expense
Utilities expense
Net Income
$
$
S
$
$
S
S
Trial Balance
$
Debit
21,980.00
300.00
6,250.00
12,100.00
3,600.00
S 2,530.00
7,000.00
780.00
5,560.00
Credit
$ 1,100.00
$ 10,000.00
$ 49,000.00
Browns plumbing and heating
For the fiscal period
Ending December 31st, 20xx
$
$
Debit
Adjustments
2,700.00
6,500.00
Credit
$
6,500.00
$ 2,700.00
Income Statement
Debit
$
2,530.00
$
$
2,700.00
780.00
$ 6,500.00
S 5,560.00
$
30,930.00
Credit
$ 49,000.00
$
$
S
$
S
$
Balance Sheet
Debit
21,980.00
300.00
6,250.00
5,600.00
900.00
7,000.00
Credit
$ 1,100.00
$
10,000.00
$
$ 42,030.00 $
30,930.00
42,030.00
Transcribed Image Text:Account Title Cash Petty Cash Accounts receivable Supplies Insurance Accounts payable Ray Brown, Capital Ray Brown, Drawings Income Summary Sales Advertising expense Insurance expense Miscellaneous expense Supplies expense Utilities expense Net Income $ $ S $ $ S S Trial Balance $ Debit 21,980.00 300.00 6,250.00 12,100.00 3,600.00 S 2,530.00 7,000.00 780.00 5,560.00 Credit $ 1,100.00 $ 10,000.00 $ 49,000.00 Browns plumbing and heating For the fiscal period Ending December 31st, 20xx $ $ Debit Adjustments 2,700.00 6,500.00 Credit $ 6,500.00 $ 2,700.00 Income Statement Debit $ 2,530.00 $ $ 2,700.00 780.00 $ 6,500.00 S 5,560.00 $ 30,930.00 Credit $ 49,000.00 $ $ S $ S $ Balance Sheet Debit 21,980.00 300.00 6,250.00 5,600.00 900.00 7,000.00 Credit $ 1,100.00 $ 10,000.00 $ $ 42,030.00 $ 30,930.00 42,030.00
ACCOUNT Ray Brown, Drawing
DATE
Dec.
1
DATE
ITEM
ACCOUNT Income Summary
ITEM
POST.
REF.
DEBIT
1 $ 7,000.00
POST.
REF.
DEBIT
ACCOUNT NO.
CREDIT
BALANCE
CREDIT
DEBIT
$ 7,000.00
ACCOUNT NO.
BALANCE
DEBIT
320
CREDIT
CREDIT
Transcribed Image Text:ACCOUNT Ray Brown, Drawing DATE Dec. 1 DATE ITEM ACCOUNT Income Summary ITEM POST. REF. DEBIT 1 $ 7,000.00 POST. REF. DEBIT ACCOUNT NO. CREDIT BALANCE CREDIT DEBIT $ 7,000.00 ACCOUNT NO. BALANCE DEBIT 320 CREDIT CREDIT
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