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    P1.8a (Lo 4,5,6) Ap

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    My Dinh

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    © All Rights Reserved
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    P1.8a (Lo 4,5,6) Ap

    Uploaded by

    My Dinh
    7 views2 pages

    Original Title

    P1.8A (LO 4,5,6) AP

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    Download as docx, pdf, or txt
    7 views2 pages

    P1.8a (Lo 4,5,6) Ap

    Uploaded by

    My Dinh

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Date Transactions A = L + OE

    Cash Account Supplie Equipment Account Notess I.Jach


    Receivable s Payable Payabl Capital
    e
    Sep.1 Opening $3,000 $1,500 $600 $7,500 $5,500 $3,000 $4,100
    Balances
    Sep.4 Collected $800 -$800
    Accounts
    Receivable
    Sep.5 Provide $7,700 $2,800 $10,500
    services for
    cash and on (10,500-
    account 7,700)
    Sep.7 Paid accounts -$2,900 -$2,900
    payable
    Sep.12 Purchased -$800 $2,300 $1,500
    equipment (2,300-
    partly by cash 800)
    and on
    account
    Sep.15 Paid salaries, -$4,975 -$4,975
    rent and 2,800+1,900+275)
    advertising
    expense
    Sep.18 Collected $700 -$700
    balance of (1,500-800)
    accounts
    receivable
    from August
    Sep.20 Withdrew -$1,000 -$1,000
    cash for
    personal use
    Sep.26 Borrowed $3,000 $3,000
    from bank
    singing notes
    payable
    Sep.29 Received $325 -$325
    telephone bill
    for september
    Sep.30 Billed for $10,000 $10,000
    services
    provided in
    September
    Ending $5,525 $12,800 $600 $9,800 = $4,425 $6,000 + $18,300
    Balanaces

    Ending Assets = Cash + Accounts Receivable + Supplies + Equipment


    = 5,525 + 12,800 + 600 + 9,800
    = $28,725
    Liabilites and Equity = Accounts Payable + Notes Payable + I. Jach Capital
    = 4,425 + 6,000 + 18,300
    = 28,725

    b.
    * Income Statement
    Particular Amount
    Revenue $20,500
     Expense (-)
    Salaries $2,800
    Rent $1,900
    Advertising $275
    Telephone $325
    Total expenses $5,300
    Next income $15,200

    * Statement of owner’s equity

    Particular Amount
    I.Jach Capital OB $4,100
    Next income (+) $15,200
    Withdraws (-) -$1000
    I.Jach Captial CB $18,300

    * Balance Sheet

    Particular Amount
     Assets:
    Cash $5,525
    Accounts Receivable $12,800
    Supplies $600
    Current Assets $18,925
    Equipment $9,800
    Total Assets 28,725

     Liabilities
    Accounts Payable $4,425
    Note Payable $6,000
    Current Liabilities $10,425
    LT Liabilites $0
    Total Liabilities $10,425

     Owner’s Equity
    I. Jach Captital $18,300
    Total Owner’s equity $18,300

    Total Liabilites and Owner’s equity $28,725

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