accounting – owners equity



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Question 1

Classifying Accounts

Balances for each of the following accounts appear in an adjusted trial balance. Identify each as an asset, liability, revenue, or expense.

1.  Accounts Receivable  
2.  Equipment  
3.  Fees Earned  
4.  Insurance Expense  
5.  Land  
6.  Prepaid Rent  
7.  Rent Revenue  
8.  Salary Expense  
9.  Salary Payable  
10.  Supplies  
11.  Unearned Rent  
12.  Wages Payable  


Question 2


Financial Statements from the End-of-Period Spreadsheet

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2019:

  Elliptical Consulting
  End-of-Period Spreadsheet
  For the Year Ended June 30, 2019
  Unadjusted         Adjusted
  Trial Balance Adjustments Trial Balance
Account Title    Dr.    Cr.      Dr.      Cr.    Dr.    Cr.
Cash 27,000           27,000  
Accounts Receivable 53,500           53,500  
Supplies 3,000       (a) 2,100 900  
Office Equipment 30,500           30,500  
Accumulated Depreciation   4,500     (b) 1,500   6,000
Accounts Payable   3,300           3,300
Salaries Payable          (c) 375   375
Jayson Neese, Capital   82,200           82,200
Jayson Neese, Drawing 2,000           2,000  
Fees Earned   60,000           60,000
Salary Expense 32,000   (c) 375     32,375  
Supplies Expense     (a) 2,100     2,100  
Depreciation Expense     (b) 1,500     1,500  
Miscellaneous Expense 2,000           2,000  
  150,000 150,000   3,975   3,975 151,875 151,875


Based on the preceding spreadsheet, prepare an income statement for Elliptical Consulting.

Elliptical Consulting
Income Statement
For the Year Ended June 30, 2019
Total expenses

Based on the preceding spreadsheet, prepare a statement of owner’s equity for Elliptical Consulting.

Elliptical Consulting
Statement of Owner’s Equity
For the Year Ended June 30, 2019

Based on the preceding spreadsheet, prepare a balance sheet for Elliptical Consulting.

Elliptical Consulting
Balance Sheet
June 30, 2019
Current assets:
Total current assets $
Property, plant, and equipment:
Total property, plant, and equipment
Total assets $
Current liabilities:
Total liabilities $
Owner’s Equity
Total liabilities and owner’s equity $

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