Jill Martin of Regina opened Martin's Catering Service. As her accountant, analyze the transactions listed below and
Question:
Jill Martin of Regina opened Martin's Catering Service. As her accountant, analyze the transactions listed below and present in proper form:
1. The analysis of the transactions by utilizing the expanded accounting equation
2. A balance sheet showing the position of the firm before opening on November 1, 2016?
3. An income statement for the month of November
4. A statement of owner's equity for November
5. A balance sheet as of November 30, 2016
2016
Oct. 28 Jill Martin invested $8,000 in the catering business from her personal savings account.
....... 29 Bought equipment for cash from Munroe Co., $900.
....... 30 Bought additional equipment on account from Ryan Co., $1,800.
....... 31 Paid $1,000 to Ryan Co. as partial payment of the October 30 transaction.
(You should now prepare your balance sheet as of October 31, 2016.)
Nov. 1 Catered a graduation and immediately collected cash, $2,900.
....... 4 Paid salaries of employees, $720.
....... 8 Prepared desserts for customers on account, $300.
....... 11 Received $100 cash as partial payment of November 8 transaction.
....... 15 Paid telephone bill, $75.
....... 18 Jill paid her home electricity bill from the company's bank account, $90.
....... 19 Catered a wedding and received cash, $1,800.
....... 25 Bought additional equipment on account, $400.
....... 28 Rent expense due but not yet paid, $600.
....... 29 Paid supplies expense, $400?
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
College Accounting A Practical Approach
ISBN: 978-0133133233
12th Canadian edition
Authors: Jeffrey Slater, Brian Zwicker