Joe Truman, a retired army officer, opened Truman?s Catering Service. As his accountant, analyze the transactions listed next and present them in proper form.

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

2. A balance sheet showing the position of the firm before opening for business on May 31, 201X.

3. An income statement for the month of June.

4. A statement of owner?s equity for June.

5. A balance sheet as of June 30, 201X.

(You should now prepare your balance sheet as of May 31, 201X.)

Check Figure:Total Assets, June 30 $38,785

Transcribed Image Text:

June 1 Catered a graduation and immediately collected cash, $2,400. 5 Paid salaries of employees, $690. 8 Prepared desserts for customers on account, $175. 10 Received $120 cash as partial payment of June 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, $1,900. 25 Bought additional equipment on account, $800. 28 Rent expense due but unpaid, $500. 30 Paid supplies expense, $550.