John Tobey, a retired army officer, opened Tobey’s Catering Service. As his accountant, analyze the transactions and present the following informa¬ tion 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 open¬ ing on November 1, 200X.

c. An income statement for the month of November.

d. A statement of owner’s equity for November.

e. A balance sheet as of November 30, 200X.

200X Oct. 25 John Tobey invested $1 7,500 in the catering business.

27 Bought equipment on account from Munroe Co., $900.

28 Bought equipment for cash from Ryan Co., $1,500.

29 Paid $300 to Munroe Co. as partial payment of the October 27 transaction.

Nov.
1 Catered a business luncheon and immediately collected cash, $2,000. 5 Paid salaries of employees, $350.
8 Provided catering services to Northwest Community College on account, $4,500.
10 Received from Northwest Community College $1,000 cash as partial payment of November 8 transaction.
15 Paid telephone bill, $95.
17 John paid his home mortgage from the company’s checkbook, $650. 20 Provided catering services and received cash, $1,800.
25 Bought additional equipment on account, $300.
28 Rent expense due but unpaid, $750.
30 Paid supplies expense, $600.
REAL-WORLD APPLICATIONS LO.1