Accounting Help Due In 48 Hours due in 48 hours Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business. During the first month

Accounting Help Due In 48 Hours due in 48 hours Effects Of Transactions (Balance Sheet Accounts)

John Sullivan started a business. During the first month

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due in 48 hours

Effects Of Transactions (Balance Sheet Accounts)

John Sullivan started a business. During the first month (February 20–), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner’s Equity. After each transaction, show the new totals. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank.

 

Assets

 = 

Liabilities

 + 

Owner’s Equity

a.  Invested cash in the business, $27,000.

 

fill in the blank 1

 

fill in the blank 2

 

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Bal.

fill in the blank 4

 

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fill in the blank 6

b.  Bought office equipment on account, $7,500.

 

fill in the blank 7

 

fill in the blank 8

 

fill in the blank 9

Bal.

fill in the blank 10

 

fill in the blank 11

 

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c.  Bought office equipment for cash, $1,600. (Enter the change in Cash on the first line and the change in Equipment on the second line)

 

fill in the blank 13

 

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Bal.

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d.  Paid cash on account to supplier in transaction (b), $2,300.

 

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Bal.

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Effects of Transactions (Revenue, Expense, Withdrawals)

Assume John Sullivan completed the following additional transactions during February.

(e) Received cash from a client for professional services, $1,500.

(f) Paid office rent for February, $600.

(g) Paid February phone bill, $64.

(h) Withdrew cash for personal use, $1,000.

(i) Performed services for clients on account, $750.

(j) Paid wages to part-time employee, $1,200.

(k) Received cash for services performed on account in transaction (i), $400. (Enter the change in Cash on the first line and the change in other account on the second line.)

Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Expenses). Use the minus sign to indicate a decrease or reduction in the account. After transaction (k), report the totals for each element. If an amount box does not require an entry, leave it blank.

 

 

 

 

 

Owner’s Equity

 

 

 

Assets

=

Liabilities

+

Capital

Drawing

+

Revenues

Expenses

 

Description

Bal.

32,200

 

5,200

 

27,000

 

 

 

 

 

 

 

 

(e)

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(f)

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(g)

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(h)

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(i)

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(j)

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(k)

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Bal.

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=

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+

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+

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fill in the blank 59

 

 

Demonstrate that the accounting equation has remained in balance.

Total Assets

$fill in the blank 60

Total Liabilities

$fill in the blank 61

Capital

fill in the blank 62

Drawing

fill in the blank 63

Revenues

fill in the blank 64

Expenses

fill in the blank 65

Total Liabilities and Owner’s Equity

$fill in the blank 66

eBook

Statement Of Owner’s Equity Reporting Net Income

Betsy Ray started an accounting service on June 1, 20–, by investing $20,000. Her net income for the month was $10,000, and she withdrew $8,000.

Prepare a statement of owner’s equity for the month of June. If an amount is zero, enter “0”.

Betsy Ray’s Accounting Service
Statement of Owner’s Equity
For Month Ended June 30, 20–

$- Select –

– Select –

Total investment

$fill in the blank 5

$- Select –

– Select –

– Select –

$- Select –

Effect of Transactions on Accounting Equation

Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.

a. Invested cash in business, $18,000.

b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.

c. Paid one-year insurance premium, $1,200.

d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.

e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.

f. Paid office rent for the month, $750.

g. Withdrew cash for personal use, $100.

Required:

Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner’s Equity (Capital – Drawing + Revenues – Expenses). After transaction (g), report the totals for each element. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank.

Assets

=

Liabilities

+

Owner’s Equity

(Items Owned)

(Amts. Owed)


(Owner’s Investment)

(Earnings)

 

Cash

+

Accounts Receivable

+

Office Supplies

+

Prepaid Insurance

=

Accounts Payable

+

J. Pembroke, Capital

J. Pembroke, Drawing

+

Revenues

Expenses

 

Description

a.

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b.

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c.

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d.

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e.

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f.

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g.

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Bal.

fill in the blank 66

+

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+

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+

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=

fill in the blank 70

+

fill in the blank 71

fill in the blank 72

+

fill in the blank 73

fill in the blank 74

 

 

Demonstrate that the accounting equation has remained in balance.

Cash

$fill in the blank 75

Accounts receivable

fill in the blank 76

Office supplies

fill in the blank 77

Prepaid insurance

fill in the blank 78

Total Assets

$fill in the blank 79

Accounts payable

$fill in the blank 80

Jay Pembroke, capital

fill in the blank 81

Jay Pembroke, drawing

fill in the blank 82

Service fees

fill in the blank 83

Rent expense

fill in the blank 84

Total Liabilities and Owner’s Equity

$fill in the blank 85

Income Statement

Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.

a. Invested cash in business, $18,000.

b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.

c. Paid one-year insurance premium, $1,200.

d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.

e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.

f. Paid office rent for the month, $750.

g. Withdrew cash for personal use, $100.

The effect of each transaction is shown in the individual accounts of the expanded accounting equation.

Assets

=

Liabilities

+

Owner’s Equity

(Items Owned)

(Amts. Owed)


(Owner’s Investment)

(Earnings)

 

Cash

+

Accounts Receivable

+

Office Supplies

+

Prepaid Insurance

=

Accounts Payable

+

J. Pembroke, Capital

J. Pembroke, Drawing

+

Revenues

Expenses

 

Description

a.

18,000 

 

 

 

 

 

18,000    

 

 

 

 

 

b.

(2,000)

 

 

4,600    

 

 

2,600 

 

 

 

 

 

 

c.

(1,200)

 

 

 

1,200    

 

 

 

 

 

 

 

d.

1,300 

 

2,000    

 

 

 

 

 

 

3,300

 

 

Service fees

e.

(2,300)

 

 

 

 

(2,300)

 

 

 

 

 

 

f.

(750)

 

 

 

 

 

 

 

 

750

 

Rent expense

g.

(100)

 

 

 

 

 

 

100  

 

 

 

 

Bal.

12,950

+

2,000    

+

4,600    

+

1,200    

=

300  

+

18,000    

100  

+

3,300

750

 

 

Required:

Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20–.

Jay Pembroke
Income Statement
For Month Ended April 30, 20–

$- Select –

– Select –

$- Select –

1. Statement Of Owner’s Equity

Jay Pembroke started a business. During the first month (April 20–), the following transactions occurred.

a. Invested cash in business, $18,000.

b. Bought office supplies for $4,600: $2,000 in cash and $2,600 on account.

c. Paid one-year insurance premium, $1,200.

d. Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account.

e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300.

f. Paid office rent for the month, $750.

g. Withdrew cash for personal use, $100.

The effect of each transaction is shown in the individual accounts of the expanded accounting equation.

Assets

=

Liabilities

+

Owner’s Equity

(Items Owned)

(Amts. Owed)


(Owner’s Investment)

(Earnings)

 

Cash

+

Accounts Receivable

+

Office Supplies

+

Prepaid Insurance

=

Accounts Payable

+

J. Pembroke, Capital

J. Pembroke, Drawing

+

Revenues

Expenses

 

Description

a.

18,000 

 

 

 

 

 

18,000    

 

 

 

 

 

b.

(2,000)

 

 

4,600    

 

 

2,600 

 

 

 

 

 

 

c.

(1,200)

 

 

 

1,200    

 

 

 

 

 

 

 

d.

1,300 

 

2,000    

 

 

 

 

 

 

3,300

 

 

Service fees

e.

(2,300)

 

 

 

 

(2,300)

 

 

 

 

 

 

f.

(750)

 

 

 

 

 

 

 

 

750

 

Rent expense

g.

(100)

 

 

 

 

 

 

100  

 

 

 

 

Bal.

12,950

+

2,000    

+

4,600    

+

1,200    

=

300  

+

18,000    

100  

+

3,300

750

 

 

The income statement for Jay Pembroke for the month ended April 30, 20– is shown.

Jay Pembroke
Income Statement
For Month Ended April 30, 20–

Revenues:

     Service fees

$3,300

Expenses:

     Rent expense

750

Net income

$2,550

Required:

Use the information to prepare a statement of owner’s equity for Jay Pembroke for the month of April 20–.

Jay Pembroke
Statement of Owner’s Equity
For Month Ended April 30, 20–

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