Revised: ©the Mcgraw-Hill Companies, Inc., 2009
Revised: ©the Mcgraw-Hill Companies, Inc., 2009
Revised: ©the Mcgraw-Hill Companies, Inc., 2009
Semester B 2010-11
Chapter Two
Required:
2. Use the trial balance provided to prepare and income statement and
a balance sheet. (This trial balance was taken from the general
ledger after the posting of properly prepared transactions).
3. Explain why the company’s cash balance does not agree with net
income.
5 4 0 0 00
15
Service Fees Earned 5 4 0 0 00
Supplies 1 0 0 00
16
1 0 0 00
Salaries Expense 5 2 9 0 00
18
5 2 9 0 00
Accounts Receivable 6 0 0 00
21
6 0 0 00
Cash 6 0 0 0 00
28
6 0 0 0 00
B. Smith, _____________ 2 0 0 0 00
30
Cash 2 0 0 0 00
Expenses:
Equipment Rental Expense ................................ $2,075
Gas & Oil Expense..........................................
Salary Expense .................................................... 5,290
Total expenses ....................................................
Net income ................................................................. $