Professional Documents
Culture Documents
a)
Assets
Liabilities
(Holly
Palmer
s
Capital)
Remarks
10,000
10,000
Investment
10,000
10,000
(400)
(400)
Rent
Expense
Transactions
Cash
April 1
Owners
Equity
Accounts
Receivable
Supplies
Office
Equipme
nt
Accounts
Payable
Notes
Payable
Balance(2)
9,600
Balance(3)
2500
9,600
( 2,500)
9,600
Balance(4)
7,100
2500
300
(300)
7,100
Balance(5)
600
2500
300
9,300
(600)
Purchase of
Office
Equipment
Advertising
Expense
(Incurreed)
Supply
Expense
9,300
6,500
Balance(6)
6,500
600
2500
300
1,000
1,000
Service
revenue
6,500
7,500
Balance(7)
16,800
6,500
600
2500
300
(200)
(200)
7,300
Balance(8)
300
6,500
600
2500
(300)
(300)
7,000
Balance(9)
16,600
16,600
6,500
600
2,500
(2,200)
(2,200)
Balance(10)
4,800
6,500
600
2,500
14,400
Balance
4,800
6,500
600
2,500
14,400
Personal
Use
Expense
Paid
Incurred
Paid
Employees
Ending
b) Holly Palmer
Matrix Travel Agency
Income Statement
For the month ended April
Particulars
Revenue:
Service Revenue
Expenses:
Rent Expense
Paid Chicago
Paid Employees
$.7,500
$400
300
2,200
2,900
Total Expense
Net Income
4,600
Question # 1-1B
A) Tabular Analysis for the Transactions
Assets
Liabilities
Transactions
Cash
Accounts
Receivable
Supplies
Office
Equipment
Accounts
Payable
Owners
Equity
(Mandy
Arnold,
Capital)
Remarks
10000
Investment
Notes
Payable
May 1,2005
10000
Balance(1)
10000
(5000)
5000
10000
Balance(2)
5000
(400)
5000
1000
(400)
Balance(3)
4600
(500)
500
5000
9600
Balance(3)
4100
500
5000
250
9600
(250)
Paid
Incurred
Balance(4)
4100
3100
500
5000
250
9350
3100
Service
revenue
Balance(5)
7200
(1000)
500
5000
250
12450
(1000)
Drawings
Balance(6)
6200
(1000)
500
5000
250
11450
(1000)
Paid E/S
Balance(7)
5200
(140)
500
5000
250
10450
(140)
Paid U/E
Balance(8)
5060
850
500
5000
250
10310
850
Service
Revenue
Balance(9)
5060
120
850
(120)
500
5000
250
11,160
Balance
5180
730
500
5000
250
11160
Rent office
B) Jane McInnes
Repair Shop
Income Statement
For the month of May 2005
Particulars
Services:
3950
Service revenue
Expense:
Salary
Rent
Advertising Expense
Utility expense
Total Expense
1000
400
250
140
1790
Net Income
2160
Question # 1-2A
Tabular Analysis for the Transactions
Assets
Liabilities
Transactions
Cash
Accounts
Receivable
July 31,2010
4000
Balance(1)
Notes
Payable
Owners
Equity
(Mandy
Arnold,
Capital)
Remarks
Investment
Supplies
Office
Equipment
Accounts
Payable
1500
500
5000
4200
6800
4000
1400
1500
(1400)
500
5000
4200
6800
Balance(2)
5400
(2700)
100
500
5000
4200
(2700)
6800
Balance(2)
2700
3000
100
4500
500
5000
1500
6800
7500
Balance(3)
5700
(400)
4600
500
5000
1000
1500
600
14300
Balance(4)
5300
(4250)
4600
500
6000
2100
14300
(3000)
(900)
(350)
Balance(5)
1050
(550)
4600
500
6000
2100
10050
(550)
Balance(6)
500
2000
4600
500
6000
2100
2000
9500
Balance(7)
2500
4600
500
6000
2100
250
2000
9500
(250)
Balance
2500
4600
500
6000
2350
2000
9250
Service
Revenue
Salary
Rent
A/E
Drawings
U/E
Mandy Arnold
Attorney at Law
Income Statement
For the month of August 2010
Particulars
Services:
$
7500
Service revenue
Expense:
Salary
Rent
Advertising Expense
Utility expense
3000
900
350
250
Total Expense
4500
Net Income
3000
Mandy Arnold
Attorney at Law
Balance Sheet
For the month of August 31,2010
Particulars
Assets:
Cash
A/R
O/E
Supplies
2500
4600
6000
500
Total Assets
13600
Liabilities:
A/P
N/P
2350
500
Total Liabilities
4350
Owners Equity
9250
13600
Question # 1-2B
Tabular Analysis for the Transactions
Liabilities
Assets
Transactions
Aug 31
Cash
Accounts
Receivable
Supplie
s
Office
Equipment
Accounts
Payable
9000
1700
600
6000
3600
1700
600
6000
9000
(2900
)
6100
1700
600
13700`
Investment
13700
Paid
Notes
Payable
3600
6000
700
13700
2100
5300
1700
1300
(1300)
6600
400
600
8100
700
13700
1300
13700
600
8100
2000
3800
6300
9100
600
8100
2000
Drawings
(600)
(600)
8500
19400
(2900
)
5,600
5600
4200
4200
600
600
4200
600
4200
600
10000
15600
Service
Revenue
20000
4200
Balance
Remarks
(2900)
(800)
2500
Owners
Equity
8100
2000
(1700)
S/E
2000
(900)
16500
170
(170)
R/E
U/E
Incurred
8100
8100
2170
10000
16330
Patricia Perez
Vateraniary Business
Income Statement
For the month of AUG
Particulars
Services:
7600
Service revenue
Expense:
S/E
rent
A/E
Utility expense
Total Expense
1700
900
300
170
3070
Net Income
3230
Question # 1-4A
Tabular Analysis for the Transactions
Assets
Liabilities
Transaction
s
Cash
Accounts
Receivable
Supplie
s
Office
Equipment
Accounts
Payable
Owners
Equity
(Laura
Steinr,
Capital)
Remarks
Notes
Payable
May 1,2005
8000
8000
Investment
Balance(1)
8000
(800)
8000
(800)
Paid rent
Balance(2)
7,200
500
500
7200
Balance(2)
7200
(50)
500
500
7,200
(50)
Paid A/E
Balance(3)
7,150
3,000
500
500
7,150
3,000
Service
Revenue
Balance(4)
10150
(700)
500
500
10,150
(700)
Balance(5)
9450
3300
500
500
9450
3,300
Service
revenue
Balance(6)
9,450
(3000
)
3,300
500
500
12,750
(3,000)
Paid E/S
Balance(7)
6,450
(500)
3,300
500
500
(500)
9,750
Paid
Balance(8)
5950
2000
3,300
(2000)
500
Balance(9)
7,950
5000
1,300
500
Balance(10)
12950
1300
500
2400
2400
5000
9750
Balance(11)
12950
(150)
1300
500
2400
2400
5000
9750
(150)
Balance
12,80
0
1300
500
2400
2400
5000
9600
9750
5000
9750
BORROW
U/E
L.Steiner
Own Counsulting Firm
Income Statement
For the month of May 2005
Particulars
Services:
6300
Service revenue
Expense:
Salary
Rent
Advertising Expense
Utility expense
3000
800
50
150
Total Expense
4000
Net Income
2300
L.Steiner
Own Counsulting Firm
Balance Sheet
For the month of August 31,2010
Particulars
Assets:
Cash
A/R
O/E
Supplies
12800
1300
2400
500
Total Assets
17000
Liabilities:
A/P
2400
N/P
5000
7400
9600
Total Liabilities
17000
Owners Equity
Question # 1-4B
Tabular Analysis for the Transactions
Assets
Liabilities
Transactions
Cash
Accounts
Receivable
Supplies
Office
Equipment
Accounts
Payable
Owners
Equity
(Pat
Donahue,
Capital)
Remarks
10000
Investment
Notes
Payable
June 1
10000
10000
(2000)
10000
8000
10000
8000
(500)
10000
8000
10000
(500)
O/R
7500
2400
10000
8000
9500
2400
Service
Revenue
7500
(200)
2400
10000
8000
11900
(200)
Drawings
12
7300
2400
10000
150
150
8000
11700
Drawings
15
7300
750
2400
(750)
10150
150
8000
11700
17
8050
1650
10150
150
100
8000
11700
(100)
Gas
Incurred
20
8050
1500
1650
10150
250
8000
11600
1500
Service
Revenue
23
9550
(500)
1650
10150
250
8000
(500)
13100
26
9050
(250)
1650
10150
250
7500
13100
(250)
29
8800
(100)
1650
10150
250
(100)
7500
12850
30
8700
(1000)
1650
10150
150
7500
12850
(1000)
Balance
7700
1650
10150
150
7500
11850
Pat Donahue
Delivary Business
Income Statement
For the month of AUG
Particulars
Services:
3900
Service revenue
Expense:
O/R
P/G
E/S
Utility expense
Total Expense
500
100
1000
250
1850
Net Income
2050
U/E
E/S
Jennifer Garner
Cosmetic Business
Income Statement
For the month of June
Particulars
Services:
5500
Service revenue
Expense:
Salary
G&O/E
Advertising Expense
Utility expense
1600
800
500
300
2200
Total Expense
Net Income
2300
Jennifer Garner
Cosmetic Business
Owners Equity Statement
For the month of june
Particulars
Investment
$
26200
Adding:
Net Income
Particulars
Assets:
Less:
Cash
A/R
Drawings
O/E
Supplies
2300
$
10000
4000
1700
25000
2000
Total Assets
Liabilities:
Owners Equity
A/P
N/P
41000
600
26800
13000
1200
Total Liabilities
14200
Owners Equity
26800
41000
Jennifer Garner
Cosmetic Business
Balance Sheet
For the month of june