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Question 1

On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) items and amounts:

Accounts Accounts
payable………. $12,000
receivable……23,000
Cash……..17,200
Fees earned………30,000
Notes payable…….4,250

Office furnishings…………. $40,000
Owner’s withdrawals…..6,000
Rent expense…….3,600
Salaries expense…………..6,200
Telephone expense…………250

I. From the information given, prepare a November income statement.

II. From the information given, prepare a November 30 balance sheet.

Question 2

Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts:

Commissions earned………..$40,000
Accounts payable……….3,500
Accounts receivable……..5,000
M. Bruno, Capital……..103,500
Office equipment ……..10,000
Advertising expense..3,200
Cash……….7,500
Land……..35,000
Note payable……….50,000
Office supplies……….500
Salaries expense.12,000
Salaries payable……….1,000
Building……………..100,000

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