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    Chad Wilson'S Rental Property - Accounting Equation

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    Della Theodora
    Chad Wilson owns a rental property. The accounting equation shows assets equal liabilities plus owner's equity. In June 2020, rental fees earned were $26,800 while expenses totaled $11,350, resulting in net income of $15,450. Chad withdrew $7,500, increasing his capital to $37,950.

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    Chad Wilson'S Rental Property - Accounting Equation

    Uploaded by

    Della Theodora
    448 views5 pages
    Chad Wilson owns a rental property. The accounting equation shows assets equal liabilities plus owner's equity. In June 2020, rental fees earned were $26,800 while expenses totaled $11,350, resulting in net income of $15,450. Chad withdrew $7,500, increasing his capital to $37,950.

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    tugas akuntansi dasar

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    Chad Wilson owns a rental property. The accounting equation shows assets equal liabilities plus owner's equity. In June 2020, rental fees earned were $26,800 while expenses totaled $11,350, resulting in net income of $15,450. Chad withdrew $7,500, increasing his capital to $37,950.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    448 views5 pages

    Chad Wilson'S Rental Property - Accounting Equation

    Uploaded by

    Della Theodora
    Chad Wilson owns a rental property. The accounting equation shows assets equal liabilities plus owner's equity. In June 2020, rental fees earned were $26,800 while expenses totaled $11,350, resulting in net income of $15,450. Chad withdrew $7,500, increasing his capital to $37,950.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 5

    ANSWER CHAD WILSON'S RENTAL PROPERTY - ACCOUN

    NO. 1

    ASSETS = LIABILITIES +
    ACCOUNT ACCOUNT CHAD WILSON
    CASH + + SUPPLIES = + -
    RECEIVEABLE PAYABLE CAPITAL
    (a) $30,000 $30,000
    Balance $30,000 $30,000
    (b) $1,800 $1,800
    Balance $30,000 $1,800 $1,800 $30,000
    (c) $10,000
    Balance $40,000 $1,800 $1,800 $30,000
    (d) ($4,500)
    Balance $35,500 $1,800 $1,800 $30,000
    (e) ($1,250) ($1,250)
    Balance $34,250 $1,800 $550 $30,000
    (f) $16,800
    Balance $34,250 $16,800 $1,800 $550 $30,000
    (g) ($1,730)
    Balance $32,520 $16,800 $1,800 $550 $30,000
    (h) ($4,000)
    Balance $28,520 $16,800 $1,800 $550 $30,000
    (i) ($1,120)
    Balance $28,520 $16,800 $680 $550 $30,000
    (j) ($7,500)
    Balance $21,020 + $16,800 + $680 = $550 + $30,000 -

    ANSWER
    NO.2
    Owner's investment and revenues increased owner's equity, as they increase the value of resources of the business. While, wi
    and expenses decreased owner's equity, as they decrease the value of resources of the business.

    ANSWER
    NO.3
    CHAD WILSON'S RENTAL PROPERTY

    STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHEN

    FOR THE YEAR ENDED JUNE 30TH 2020


    REVENUE
    FEES EARNED $26,800
    TOTAL REVENUE
    EXPENSES
    (-) RENT EXPENSE $4,500
    (-) SALARIES EXPENSE $4,000
    (-) SUPPLIES EXPENSE $1,120
    (-) AUTO EXPENSE $750
    (-) MISC EXPENSE $980
    TOTAL EXPENSE
    NET INCOME/(LOSS)

    THE NET INCOME FOR JUNE IS $15,450

    ANSWER
    NO. 4
    CHAD WILSON'S RENTAL PROPERTY

    STATEMENT OF CHANGES IN EQUITY

    FOR THE YEAR ENDED JUNE 30TH 2020


    BEGINNING BALANCE CAPITAL
    NET INCOME
    WITHDRAWALS
    ENDING BALANCE CAPITAL

    JUNE'S TRANSACTIONS INCREASED CHAD WILSON'S CAPITAL TO $7,950


    RENTAL PROPERTY - ACCOUNTING EQUATION

    OWNER'S EQUITY
    CHAD WILSON FEES RENT SALARIES SUPPLIES AUT0
    + - - - - -
    DRAWING EARNED EXPENSE EXPENSE EXPENSE EXPENSE

    $10,000
    $10,000
    $4,500
    $10,000 $4,500

    $10,000 $4,500
    $16,800
    $26,800 $4,500
    $750
    $26,800 $4,500 $750
    $4,000
    $26,800 $4,500 $4,000 $750
    $1,120
    $26,800 $4,500 $4,000 $1,120 $750
    $7,500
    $7,500 + $26,800 - $4,500 - $4,000 - $1,120 - $750 -

    rces of the business. While, withdrawals


    .

    ON'S RENTAL PROPERTY

    OSS AND OTHER COMPREHENSIVE INCOME

    R ENDED JUNE 30TH 2020


    $26,800

    $11,350
    $15,450

    ON'S RENTAL PROPERTY

    OF CHANGES IN EQUITY

    R ENDED JUNE 30TH 2020


    $30,000
    $15,450
    ($7,500)
    $37,950
    MISC
    EXPENSE

    $980
    $980

    $980

    $980

    $980

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