Question

Required information

The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $71,500 (Transaction 1).

Assets

=

Liab.

+

Owner's Equity

Transaction

Cash

Accts. Rec.

Supp.

Equip.

Accts. Pay.

G. Sawyer, Capital

Rev.

Exp.

1

+71,500

+71,500

2

− 8,100

+8,100

3

+5,100

+5,100

4

+3,580

+3,580

5

−3,450

−3,450

6

+ 660

−660

7

−2,300

−2,300

8

−440

+440

Bal

57,870

+

4,440

+

440

+

11,680

=

3,580

+

69,200

+

5,100

−

3,450

Prepare the statement of owner's equity for Sawyer Architecture Services for the month ended June 30, 2019.

Craig Sawyer, Capital, June 1st.,2019 $______________

Net income for June $____________

Less Withdrawals for June. $___________

Greg Sawyer, Capital, June 30, 2019. $_____________

Answer 1

Sawyer Architecture Services
Statement of Owner's Equity
For the month ended June 30, 2019
Craig Sawyer, Capital, June 1st.,2019	$71,500
Net income for June                 [Revenue - Expenses = $5,100 - $3,450]	$1,650
Less: Withdrawals for June [Refer transaction 7]	$2,300
Greg Sawyer, Capital, June 30, 2019            [$71,500 + $1,650 - $2,300]	$70,850