Question

I am still need the classified balance sheet as of 1/31/2017 and the owner's equity statement please On January 1, 2017, Bruce Wayne created a new Crime Watch agency, Waynes Watchdog Service. The following transactions occurred during the company’s first month of operations: Jan 1 To get the business started, Wayne invested $1,000,000 cash, computer equipment worth $125,000, and a patent on new technology worth $250,000. 2 Rented furnished office space by paying $20,000 cash for the first month’s rent (it was a nice office!). 3 Purchased $3,500 of office supplies for cash. 3 Paid $5,000 cash for a one-year insurance policy. Coverage began immediately. 14 Paid $6,000 cash for wages to one employee (Robin) 24 Collected $50,000 cash for services provided to customers in January. 26 Wayne took out a bank loan for $1,000,000 with a term of 5 years. 28 Paid another $6,000 cash for wages. 29 Paid $3,000 for telephone and totally awesome internest service in cash. 30 Paid $1,500 cash to repair the company’s computer. 30 Wayne withdrew $10,000 cash from the business for personal use. The company’s chart of accounts included the following: 101 Cash 405 Service Fee Revenue 106 Accounts Receivable 612 Depreciation Expense — Computer Equip. 124 Office Supplies 622 Wage Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accum. Depr. — Computer Equip. 650 Office Supplies Expense 190 Patent 684 Repairs Expense 209 Wages Payable 688 Telephone Expense 212 Interest Payable 690 Interest Expense 220 Notes Payable 901 Income Summary 301 Wayne, Capital 302 Wayne, Withdrawals

Answer 1

Journal Entries
Date	Particulars	Debit($)	Credit($)
1-Jan	Cash	$1,000,000
	Computer Equipment	$125,000
	Patent	$250,000
	Wayne, Capital		$1,375,000
2-Jan	Rent Expense	$20,000
	Cash		$20,000
	cash for the first month’s rent
3-Jan	Office Supplies	$3,500
	Cash		$3,500
	Purchased Office Supplies
3-Jan	Insurance Expense	$5,000
	Cash		$5,000
	cash for a one-year insurance policy
14-Jan	Wage Expense	$6,000
	Cash		$6,000
	cash for wages to one employee (Robin)
24-Jan	Cash	$50,000
	Service Fee Revenue		$50,000
	cash for services provided to customers
26-Jan	Cash	$1,000,000
	Notes Payable		$1,000,000
	Wayne took out a bank loan
28-Jan	Wage Expense	$6,000
	Cash		$6,000
	Paid cash for wages
29-Jan	Telephone Expense	$3,000
	Cash		$3,000
	telephone and totally awesome internest service in cash
30-Jan	Repairs Expense	$1,500
	Cash		$1,500
	cash to repair the company’s computer
30-Jan	Wayne, Withdrawals	$10,000
	cash		$10,000
	cash from the business for personal use

Cash
Date	Debit ($)	Credit($)	Balance($)
1-Jan	$1,000,000		$1,000,000
2-Jan		$20,000	$980,000
3-Jan		$3,500	$976,500
3-Jan		$5,000	$971,500
14-Jan		$6,000	$965,500
24-Jan	$50,000		$1,015,500
26-Jan	$1,000,000		$2,015,500
28-Jan		$6,000	$2,009,500
29-Jan		$3,000	$2,006,500
30-Jan		$1,500	$2,005,000
30-Jan		$10,000	$1,995,000

Computer Equipment
Date	Debit ($)	Credit($)	Balance($)
1-Jan	$125,000		$125,000

Patent
Date	Debit ($)	Credit($)	Balance($)
1-Jan	$250,000		$250,000

Wayne, Capital
Date	Debit ($)	Credit($)	Balance($)
1-Jan		$1,375,000	-1375000

Rent Expense
Date	Debit ($)	Credit($)	Balance($)
2-Jan	$20,000		$20,000

Office Supplies
Date	Debit ($)	Credit($)	Balance($)
3-Jan	$3,500		$3,500

Insurance Expense
Date	Debit ($)	Credit($)	Balance($)
3-Jan	$5,000		$5,000

Wage Expense
Date	Debit ($)	Credit($)	Balance($)
14-Jan	$6,000		$6,000
28-Jan	$6,000		$12,000

Service Fee Revenue
Date	Debit ($)	Credit($)	Balance($)
24-Jan		$50,000	($50,000)

Notes Payable
Date	Debit ($)	Credit($)	Balance($)
26-Jan		$1,000,000	($1,000,000)

Telephone Expense
Date	Debit ($)	Credit($)	Balance($)
29-Jan	$3,000		$3,000

Repairs Expense
Date	Debit ($)	Credit($)	Balance($)
30-Jan	$1,500		$1,500

Wayne, Withdrawals
Date	Debit ($)	Credit($)	Balance($)
30-Jan	$10,000		$10,000

Trail Balance
Particulars	Debit($)	Credit($)
Cash	$1,995,000
Computer Equipment	$125,000
Patent	$250,000
Wayne, Capital		$1,375,000
Rent Expense	$20,000
Office Supplies	$3,500
Insurance Expense	$5,000
Wage Expense	$12,000
Service Fee Revenue		$50,000
Notes Payable		$1,000,000
Telephone Expense	$3,000
Repairs Expense	$1,500
Wayne, Withdrawals	$10,000
	$2,425,000	$2,425,000

Income Statement
Particulars	Amount($)	Amount($)
Revenues:
Service Fee Revenue		$50,000
Less: Expenses:
Rent Expense	$20,000
Insurance Expense	$5,000
Wage Expense	$12,000
Telephone Expense	$3,000
Repairs Expense	$1,500
		$41,500
Net Income		$8,500

Equity Statement
Wayne, Capital	$1,375,000
Net Income	$8,500
Total	$1,383,500
Less: Wayne, Withdrawals	$10,000
Wayne, Capital	$1,373,500

Balance Sheet
Assets	Amount($)	Liabilities	Amount($)
Cash	$1,995,000	Notes Payable	$1,000,000
Computer Equipment	$125,000	Wayne, Capital	$1,373,500
Patent	$250,000
Office Supplies	$3,500
	$2,373,500		$2,373,500