Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. On August 1, Schmidt put $4,000 cash into a chequing account in the name of The Cutlery. She also invested $20,000 of equipment that
a. On August 1, Schmidt put $4,000 cash into a chequing account in the name of The Cutlery. She also invested $20,000 of equipment that she already owned. b. On August 1, Barbara paid $700 for six months of insurance effective immediately. c. On August 2, she paid $800 cash for furniture for the shop. d. On August 3, she paid $700 cash to rent space in a strip mall for August. e. On August 4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $1,500. This amount is to be repaid in three equal payments at the end of August, September, and October. f. On August 5, The Cutlery opened for business. Cash receipts from haircutting services provided in the first week and a half of business (ended August 15) were $900. g. On August 15, Schmidt provided haircutting services on account for $200. h. On August 17, Schmidt received a $200 cheque in the mail for services previously rendered on account. i. On August 17, Schmidt paid $150 to an assistant for working during the grand opening. j. On August 18, a regular customer paid $650 for services to be provided over the next three months. k. Cash receipts from haircutting services provided during the second half of August were $820. I. On August 31, Schmidt paid an instalment on the accounts payable. m.On August 31, the August hydro bill for $100 was received. It will be paid on September 14. n. On August 31, she withdrew $1000 cash for her personal use. PLEASE SHOW IN EXCEL TABLE ACCOUNTING TABLE (ACCOUNTING EQUATION): ? BALANCE SHEET : ? INCOME STATEMENT : ? STATEMENT OF CASH FLOWS : ? GENERAL JOURNAL : ? LEDGER ACCOUNTS: ? TRIAL BALANCE: ? STATEMENT OF OWNER'S EQUITY
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started