I need help on accounting problem?

Posted on 2014-04-14 10:49:00 in Accounting by COOLGUY11

I'm NOT ASKING you how to solve this (unless you're kind enough to take the time to help me...)

This is NOT hw but it's a problem i need to understand to understand the chapter.



I wonder where I can look in the internet or any tutor services that can help me with this.....

I don't understand the debit and credit concept, and professor won't even explain what the credit/debit means...... Even if i do know it, i don't know why u put something on credit and on debit, and sometimes you put on one side debit or credit and put both sometimes. I don't get it!!!!



Please tell me the sources that i can use to understand this... Maybe a practice problem with an answer key???? I'll show you how it looks like...





Happy Camper Park was organized on April 1, 2013, by Barbara Evans. Barbara is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Barbara prepared the following income statement fr the quarter that ended March 31, 2014.



HAPPY CAMPER PARK

Income Statement

For the Quarter Ended March 31, 2014

Revenue $90,000

Rent revenue

Operating expenses

Advertizing $ 5,200

Salaries and wages 29,800

Utilities 900

Depreciation 800

Maintenance and repairs 4,000

Total operating expenses 40,700

Net income $49,300



Barbara thought that something was wrong with the statement because net income had never cxceeded $20,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the inc

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