Question

CHAPTER 1 Accounting Concepts and Procedures 13-2. Breck Sam is the accountant for Sam's Internet Service. From the following information, his task is to construct a balance sheets of September 30, 2018 in proper form. Can you help him? L02 (15 min) Accounts Payable B. Sam, Capital $65.000 15.500 68,500 Cash Equipment 34,000 Jets 584,000 03 (20 min) At the end of April, Rich Fannier decided to open his own computer service. Analyze the following transactions he completed by recording their effects into the expanded accounting equation. Keep a running balance. a. Invested $17,000 in his computer service business. b. Bought new computer equipment on account, $5,000. c. Received cash for computer services rendered, $700. d. Performed computer services on account, $1,200. e. Paid secretary's salary, $300. f. Paid office supplies expense for the month, S180. 9. Rent expenses for office due but unpaid, $1,000. h. Withdrew cash for personal use, 5800. Check Figure Total Assets $22.620 1B-4. L04 (30 min) In Wadden, owner of Wadden Home Decorating Service, has requested that you prepare from the following balances (a) an income statement for September 201X, (b) a statement of owner's equity for September, and (c) a balance sheet as of September 30, 201X. Cash $2,500 Home Decorating Fees $2,400 Accounts Receivable 550 Advertising Expense Decorating Equipment 725 Repair Expense Accounts Payable 935 Travel Expense 3. Wadden, Capital, Sept. 1, 2012 2,675 Supplies Expense 3. Wadden, Withdrawals 800 Rent Expense 250 750 Check Figures J. Wadden, Capital, $2,840 September 30, 2018 L03,4 S50/QB Jim Trickett, a retired army officer, opened Trickett's Catering Service. As his accountant, analyze the transactions listed and present them in proper form. a. The analysis of the transactions by using the expanded accounting equation. b. A balance sheet showing the financial position of the firm before opening on October 31, 2018 c. An income statement for the month of November d. A statement of owner's equity for November A balance sheet as of November 30, 201X. 2013 Oct. 25 27 28 29 im Trickett invested 522.000 in the catering business from his personal savings account. Bought equipment for cash from Codair Co., 5700. Bought additional equipment on account from Keegan Co., 52.100. Pald 5800 to Keegan Co. as partial payment of the October 28 transaction, You should now prepare your balance sheet as of October 31, 2013.)

Answer 1

ASSETS Accounts office + receivable + equipment Accounts = payable Cash 17,000 17,000 LIABILITIES + OWNERS EQUITY R.Fannier R.Fannier Computer + Capital - Withd. + service revenue - Expenses 17,000 17,000 Balance b. 5,000 5,000 5,000 5,000 17,000 Balance c. Balance d. Balance 17,000 700 17,700 700 5,000 5,000 17,000 700 1,200 1,200 1,200 1,900 5,000 5,000 17,000 e. 300 Balance 1,200 5,000 5,000 17,000 1,900 17,700 (300) 17,400 (180) 17,220 (1,000) Balance 1,200 5,000 5,000 17,000 1,900 300 180 480 1,000 1,480 16,220 1,200 5,000 5,000 Balance h. Ending Balance 17,000 - 1,900 - 800 (800) 15,420 1,200 5,000 5,000 17,000 800 1,900 1,480 21,620 21,620