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(a)
COOKIE CREATIONS
Income Statement
Two Months Ended December 31, 2009
Revenues
Teaching revenue ...............................................................
Expenses
Baking supplies expense.................................................
Salaries expense.................................................................
Advertising supplies expense........................................
Telephone expense ............................................................
Insurance expense .............................................................
Depreciation expense........................................................
Interest expense..................................................................
Total expenses ...............................................................
Net income .................................................................................
$4,515
$1,025
1,006
165
125
110
40
15
2,486
$2,029
COOKIE CREATIONS
Statement of Owners Equity
Two Months Ended December 31, 2009
N. Koebel, Capital, November 1...........................................
Add: Net income....................................................................
Less: Drawings ........................................................................
N. Koebel, Capital, December 31 ........................................
$ 800
2,029
2,829
500
$2,329
4-1
CCC4 (Continued)
(a) (Continued)
COOKIE CREATIONS
Balance Sheet
December 31, 2009
Assets
Current assets
Cash .........................................................................................
Accounts receivable ...........................................................
Baking supplies....................................................................
Prepaid insurance ...............................................................
Total current assets.......................................................
Property, plant, and equipment
Baking equipment................................................................
Less: Accumulated depreciation...................................
Total assets ......................................................................
$1,180
875
350
1,210
3,615
$1,200
40
1,160
$4,775
0$
75
56
300
431
15
2,000
2,015
2,446
2,329
$4,775
4-2
CCC4 (Continued)
(b)
Date
GENERAL JOURNAL
Account Titles and Explanation
2009
Dec. 31 Teaching Revenue ..................................
Income Summary ...............................
Debit
4,515
4,515
2,486
2,029
31 N. Koebel, Capital....................................
N. Koebel, Drawings..........................
500
J4
Credit
1,006
125
165
1,025
110
40
15
2,029
500
4-3
CCC4 (Continued)
(c)
COOKIE CREATIONS
Post-Closing Trial Balance
December 31, 2009
Account
Cash......................................................................................
Accounts Receivable ......................................................
Baking Supplies................................................................
Prepaid Insurance ...........................................................
Baking Equipment ...........................................................
Accumulated Depreciation, Baking Equipment.....
Accounts Payable ............................................................
Salaries Payable ...............................................................
Unearned Revenue ..........................................................
Interest Payable ................................................................
Note Payable......................................................................
N. Koebel, Capital.............................................................
Debit
$1,180
875
350
1,210
1,200
$4,815
Credit
40
75
56
300
15
2,000
2,329
$4,815
4-4