Smart Touch Learning: Financial Overview for April 2010

1. Class Project: Chapter 2

2. Smart Touch Learning Chart of Accounts Balance Sheet Income Statement • 1. Assets • 101 Cash • 111 Accounts Receivable • 121 Notes Receivable • 141 Supplies • 151 Furniture • 171 Building • 191 Land • 2. Liabilities • 201 Accounts Payable • 211 Salary Payable • Interest Payable • 231 Notes Payable • 3. Owner’s Equity • 301 Sheena Bright, Capital • 311 Sheena Bright, Withdrawal • 4. Revenue • Service Revenue • 402 Interest Revenue • 5. Expenses • 501 Rent Expense, Comp. • 502 Rent Expense, Office • 505 Salary Expense • 510 Depreciation Expense • 520 Utilities Expense • Advertising Expense • 540 Supplies Expense

3. Smart Touch Learning Trial Balance April 30, 2010 Cash 10,000 Supplies 500 Land 20,000 Accounts Payable 500 Sheena Bright, Capital 30,000 30,500 30,500

4. Smart Touch Learning Trial Balance April 30, 2010 Cash 21,000 Accounts Receivable 1,000 Supplies 500 Land 11,000 Accounts Payable 300 Sheena Bright, Capital 30,000 Sheena Bright, Withdrawals 2,000 Service Revenue 8,500 Rent Expense, Computer 600 Rent Expense, Office 1,000 Salary Expense 1,200 Utilities Expense 500 38,800 38,800