John Tobey, a retired army officer, opened Tobey’s Catering Service. As his accountant, analyze the transactions listed below and present in proper form.

a. The analysis of the transactions by using the expanded accounting equation.

b. A balance sheet showing the position of the firm before opening for business on October 31, 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 $20,000 in the catering business from his per¬ sonal savings account.

27 Bought equipment for cash from Munroe Co., $700 28 Bought additional equipment on account from Ryan Co., $1,000.

29 Paid $600 to Ryan Co. as partial payment of the October 28 transaction.

(You Nov.

should now prepare your balance sheet as of October 31, 200X)

1 Catered a graduation and immediately collected cash, $2,400.

5 Paid salaries of employees, $690.

8 Prepared desserts for customers on account, $300.

10 Received $100 cash as partial payment of November 8 transaction. 15 Paid telephone bill, $60.

17 Paid his home electric bill from the company’s checkbook, $90.

20 Catered a wedding and received cash, $1,800.

25 Bought additional equipment on account, $400.

28 Rent expense due but unpaid, $600.

30Paid supplies expense, $400. LO.1