Exercise 2 Dana Bowen Company is a small business owned by Dana Bowen. She provided us with the documents for the year e

[answerhappygod]

Exercise 2 Dana Bowen Company Is A Small Business Owned By Dana Bowen She Provided Us With The Documents For The Year E 1 (38.01 KiB) Viewed 48 times

Exercise 2 Dana Bowen Company Is A Small Business Owned By Dana Bowen She Provided Us With The Documents For The Year E 2 (60.09 KiB) Viewed 48 times

Exercise 2 Dana Bowen Company Is A Small Business Owned By Dana Bowen She Provided Us With The Documents For The Year E 3 (53.73 KiB) Viewed 48 times

Exercise 2 Dana Bowen Company Is A Small Business Owned By Dana Bowen She Provided Us With The Documents For The Year E 4 (21.92 KiB) Viewed 48 times

Exercise 2 Dana Bowen Company Is A Small Business Owned By Dana Bowen She Provided Us With The Documents For The Year E 5 (45.71 KiB) Viewed 48 times

Exercise 2 Dana Bowen Company Is A Small Business Owned By Dana Bowen She Provided Us With The Documents For The Year E 6 (23.41 KiB) Viewed 48 times

Exercise 2 Dana Bowen Company is a small business owned by Dana Bowen. She provided us with the documents for the year ended April 30, 2022. She is concerned that there are a number of errors in all documents made by her accountants Required: Determine what those errors are and correctly recalculate amounts in all documents. Journal Entries: a) Cash 6,500 Dana Bowen, Capital 6,500 b) Equipment 2,500 Dana Bowen, Capital 2,500 c) Rent Expense 400 Cash 400 d) Cash 400 Fees Eamed 400 e) Accounts Receivable 1.250 Fees Earned 1,250 1) Supplies 870 Accounts Payable 870 g) Wages Expense 420 Cash 420 h) Prepaid Insurance 1.940 Cash 1,940 i) Cash 2,500 Fees Eamed 2.500 i) Miscellaneous Expense Cash 50 k) Dana Bowen, Drawing 350 Cash 350 1) Cash 930 Unearned Revenue 930 Adjusting Entries: m) Supplies Expense 540 Supplies n) Accounts Receivable 385 Fees Eamed 385 o) Insurance Expense 725 Prepaid Insurance 725 p) Accumulated Depreciation 130 Depreciation Expense 130 4) Wages Expense 225 Wages Payable 225 r) Unearned Revenues 590 Fees Earned 590 50 540
Prepaid Insurance Cash Accounts Receivable 1.250 386 6,500 Supplies 870 540 1.940 400 724 400 420 1.940 2.500 SO 350 II 930 Equipment Accumulated Depreciation Accounts Payable Wages Payable 2.300 130 870 228 Unearned Revenues 930 390 Income Summary Dana Bowen Capital 6.500 2.500 Dana Bowen, Drawing 350 Wages Expense 420 225 Rent Expense 400 Supplies Expense 540 Fees Earned 900 1.250 2.500 38 390 Insurance Expense 723 Depreciation Expense 130 Miscellaneous Expense 50
Dana Bowen Company End-of-Period Spreadsheet For the Year Ended April 30 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit Cash 7.170 7.170 Accounts Receivable 1,250 385 12.500 Prepaid Insurance 1,940 725 1.215 Supplies 8701 540 330 Equipment 2.SOO 2.500 Accumulated Depreciation 130 310 Uncarned Revenue 930 590 340 Accounts Payable 870 870 Wages Pavable 225 225 Dana Bowen, Capital 9,000 Dana Bowen, Drawing 350 350 Fees Earned 2.900 12.725 5.620 Wage Expense 400 645 Rent Expense 400 400 Supplies Expense 540 540 Insurance Expense 725 725 Depreciation Expense 130 130 Miscellaneous Expense SO SO Totals 15,930 13,700 2,595 4,349 16,898 16,024 9.000 = 225 Dana Bowen Company Income Statement For the Year Ended April 30 Fees earned $5.625 |Expenses: Insurance expense $721 Wages expense 644 Supplies expense $40 Rent expense 400 Depreciation expense 130 Miscellaneous expense 2.490 Total expenses Net income SUB
Dana Bowen Company Statement of Owner's Equity For the Year Ended April 30 Dana Bowen capital, May 1 S Investment S 9,000 3,134 Net income for the period Less withdrawals Total change in owner's equity (350) 11.785 Pana Bowen, capital, April 30 S11.785 II
Assets Current assets: Dana Bowen Company Balance Sheet April 30 Liabilities Current liabilities: $7,170 Accounts payable 1.635 Wages payable 330 Unearned revenues 1.215 Supplies $10,850 Total liabilities Cash S 870 225 340 330 S 1,435 Accounts receivable Supplies Prepaid insurance Total current assets Property, plant, & equipment: Equipment Less accumulated dans. Total assets $2.500 130 2.630 9.000 Owner's Equity Dana Bowen, capital Total liabilities and owner's equity 513.200 $10.435 Closing Entries: 5.625 5,625 2,490 s) Fees Earned Income Summary t) Income Summary Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Miscellaneous Expense u) Income Summary Dana Bowen, Capital v) Dana Bowen, Drawing Dana Bowen, Drawing 645 400 540 725 130 50 1,135 1,135 350 350
Dana Bowen Company Post-Closing Trial Balance April 30 17,170 2.500 1.215 1330 2,500 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Uncarned Revenues Accounts Payable Wages Payable Dana Bowen, Capital Total 310 340 1870 225 11.785 13,715 13,530