Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. After transaction ( p), compute the balance of each account. 3. Prepare an income statement for We Do Windows for the month of July

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
2. After transaction ( p), compute the balance of each account. 3. Prepare an income statement for We Do Windows for the month of July 20-. 4. Prepare a statement of owner's equity for We Do Windows for the month of July 20--. 5. Prepare a balance sheet for We Do Windows as of July 31, 20--. We Do Windows Income Statement (Label) \begin{tabular}{|l|l|l|l|} \hline 1 & (Label) & \\ \hline 2 & & (Label) \\ \hline 3 & & \\ \hline 4 & & \\ \hline 5 & & \\ \hline 6 & & \\ \hline 7 & & \\ \hline 8 & & \\ \hline 9 & & \\ \hline \end{tabular} \&Required: 1. Enter the above transactions in an accounting equation similar to the one illustrated holmw 5 22 i Lisa Yozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a part-time assistant to answer the phone and handle third-story work. (Lisa is afraid of heights.) The transactions for the month of July are as follows: (a) Lisa invested cash by making a deposit in a bank account for the business, $8,000. (b) Paid rent for July, $150. (c) Purchased a used van for cash, $5,000. (d) Purchased tools on account from Clean Tools, $600. (e) Purchased cleaning supplies that cost $300. Paid $200 cash and will pay the balance next month, $100. (f) Paid part-time assistant (wages) for first half of month, $100. (g) Paid for advertising, \$75. (h) Paid two-year premium for liability insurance on van, $480. (i) Received cash from clients for services performed, $800. (j) Performed cleaning services for clients on account, $500. (k) Paid phone bill, $40. (I) Received cash from clients for window cleaning performed on account in transaction (j), $200. (m) Paid part-time assistant (wages) for last half of month, \$150. (n) Made partial payment on tools purchased in transaction (d), \$200. (o) Earned additional revenues amounting to $800 : $600 in cash and $200 on account. (p) Vozniak withdrew cash at the end of the month for personal expenses, $100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Benefit Analysis With Reference To Environment And Ecology

Authors: James H. Meisel, K. Puttaswamaiah

1st Edition

1138521329, 978-1138521322

More Books

Students also viewed these Accounting questions

Question

1 Identify the issues in the project initiating phase.

Answered: 1 week ago

Question

=+b) Should the company send the fact-finding trip? Explain.

Answered: 1 week ago