Use the Following Accounts and Information to Prepare,in Good Form,an

question 138

Essay

Use the following accounts and information to prepare,in good form,an income statement,statement of retained earnings,and balance sheet for Hometown Industries for the month ended July 31,2010.
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 3,100 & \text { Land } & \$ 35,000 \\\text { Accounts Receivable } & 1,400 & \text { Notes Payable } & 3,300 \\\text { Buildings } & 22,000 & \text { Rent Expense } & 2,400 \\\text { Cash } & 15,600 & \text { Retained Earnings, June } & 57,900 \\& & 30,2010 & \\\text { Commissions Earned } & 12,700 & \text { Salaries Expense } & 10,000 \\\text { Common Stock } & 20,000 & \text { Supplies } & 400 \\\text { Dividends } & 8,000 & & \\\text { Insurance Expense } & 2,200 & &\end{array}$

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Definitions:

Behavioural Learning Theory

A theory that explains learning in terms of observable behaviors, emphasizing the effects of external stimuli on one's actions.

Black Box

A term used to describe systems or processes whose internal workings are not visible or known to the observer.

Learning Theorists

Experts in the field of education and psychology who study the principles and processes of learning in humans and animals.

Permanent Change

Alterations in a system or behavior that are enduring and cannot easily be undone.