1 2 3 Problem 1) Jordan Taunton started a woodworking business. He decided the following accounts are necessary to start accounting for the transactions of the new company: Cash, Accounts Receivable, Supplies, Lathe, Accounts Payable, Common Stock, and Retained Earnings. 5 6 7 8 9 10 a. Jordan invested $50000 of his money into the company's bank account. 11 b. Bought $2250 worth of supplies with cash. 12 c. Purchased a lathe for $5000 paying 30% down and putting the rest on account. 13 d. Paid $3000 on account. 14 e. Completed orders for customers on account for $5500. 15 f. Projects made for customers brought in $7500 cash. 16 g. Received a utility bill for $600 that is not due until Sepetmber 12th. 17 h. Employee wages of $4000 for August were paid. 18 i. Collected $4500 in cash on account. 25 26 27 Using the Excel template provided, record the following transactions for the month of August 2022 to ensure the proper ending balances for each account. 19 j. An inventory of supplies reveals only $800 worth remains in inventory. 20 k. Jordan shared his successful month with the owners by paying dividends of $1500. 21 22 2) Using your results from #1 above, produce the following August 31, 2022 statements for Jordan's 23 Woodworking, Inc.. 24 a) Income Statement b) Statement of Retained Earnings c) Balance Sheet

Problem 1) Jordan Taunton started a woodworking business. He decided the following accounts are necessary to start accounting for the transactions of the new company: Cash, Accounts Receivable, Supplies, Lathe, Accounts Payable, Common Stock, and Retained Earnings. Using the Excel template provided, record the following transactions for the month of August 2022 to ensure the proper ending balances for each account. 2) Using your results from \#1 above, produce the following August 31, 2022 statements for Jordan's Woodworking, Inc. a) Income Statement b) Statement of Retained Earnings c) Balance Sheet