1. Hann Davi wner of Dave's Pizza Garage. At the end of the accounting period, Happy Dave has assets of $30,000 and liabilities of $10,000. Using the accounting equation, determine the following: a. Owner's equity at the end of the accounting period. (3 Points) 30,oo 20 10,004 20,000 equity) b. Owner's equity at the end of the next accounting period assuming assets increase by $1,500 and liabilities decrease by $1,500. (3 Points) 31500 23.000 en uity) 2. Analyze, journalize (pg. 3) and update the ledger accounts (pgs. 5-6) for the following January, 20x5 transactions for Benard Consulting, a proprietorship owned by Olivia Benard: a. 1-Jan: Olivia Benard makes an investment into the company of $5,000 b. 1-Jan: January rent is paid for office space in the amount of $1,500 C. 1-Jan: An annual comprehensive insurance policy is purchased for $1,800. d. 3-Jan: Provided consulting services for $3,000, due from the customer on 2/3/20X5. e. 3-Jan: Purchased supplies on account of $1,100. f. 10-Jan: Provided services for cash of $2,100. g. 12-Jan: Purchased office equipment paying cash of $1,000. h. 16-Jan: Paid $900 to vendors on account. i. 25-Jan: Provided services on account for $2,500. j. 28-Jan: Received payment on account of $3,000. k. 30-Jan: Olivia Benard withdrew $500 from the company for personal GENERAL JOURNAL (26 Points) General Journal Page 1 Date Account/Description Post Ref Debit Credit 5000 1500 1800 5000 1500 1800 BUUU 3000 jan. I cash investment Lan. I rent expense cash (jan. I prepaid insurance "cash ljan.3 accounts receivable service rerchue. Lan 3 supplies accounts payable janlo cash service ruchu jan 12 office equipment cash ljan id accounts payable cash Tjan 2g accounts receivable I service revenue ljan, 2e cash Jaccounts receivable jan 30 drawings cash 1,100 2,100 000 1,100 2,100 900 250 2500 3000 500 3000 500 Account: Cash General Ledger (14 points) Account No: Date Post Ref Balance Debit Credit Debit Credit janil 5000 jan. I janil 1500 1800 2100 jan, lo Can. 12 jan. 16 1000 000 Boo jan. 2 jan. 31 500 Account: Accounts Receivable Account No: Date Post Ref Debit Credit Balance Debit Credit jan. 3 jan. Is L'an. 28 250 3000 Account Supplies Account No: Date Post Ref Debit Balance Credit Debit Credit (jan. 3 General Ledger (Continued) Account No: Account: Prepaid Insurance Balance Date Post Ref Post Debit Credit Credit Debit Credit jan. I 1000 11800 Account: Office Equipment Account No: Date Post Balance Date Post Debit Debit Credit Debit Credit (jan, 12 1000 Account Accounts Payable Account No: Balance Date Post Ref Debit Credit Debit Credit jan. 3 Jana Account: O. Benard, Capital Account No: 31 Balance Date Post Ref Debit Credit Debit Credit Account: 0. Benard, Drawing General Ledger (Continued) Account No: 32 Balance Date Date Post Debit Debit Credit Ref Debit Credit Account: Fees Earned Account No: Balance Date Post Ref Debit Credit Debit Credit Account: Rent Expense Account No: Balance Date Post Ref Debit Credit Debit Credit
