John Thildore of Regina opened Thildore’s Catering Service. As his accountant, analyze the transactions listed below and present the following information in proper form:
1. The analysis of the transactions using the expanded accounting equation
2. A balance sheet showing the financial position of the firm before opening on October 31, 2022
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, 2022
2022
Oct. 25 John Thildore invested $25,000 in the catering business.
27 Bought equipment for cash from Small Co., $1,200.
28 Bought additional equipment on account from Ryan Co., $800.
29 Paid $400 to Ryan Co. as partial payment of the October 28 transaction.
(You should now prepare your balance sheet as of October 31, 2022.)
Nov. 1 Catered a graduation and immediately collected cash, $2,200.
5 Paid salaries of employees, $550.
8 Prepared desserts for customers on account, $250.
10 Received $80 cash as partial payment of November 8 transaction.
15 Paid telephone bill, $50.
17 John paid his home electric bill with a company cheque, $120.
20 Catered a wedding and received cash, $2,500.
25 Bought additional equipment on account, $1,300.
28 Rent expense due but not yet paid, $650.
30 Paid supplies expense, $550.