Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Alice started a consulting business Alice Consulting on 1 July 2020. During the first month of operations, she completed six transactions which resulted in the

image text in transcribed

Alice started a consulting business "Alice Consulting" on 1 July 2020. During the first month of operations, she completed six transactions which resulted in the following: Capital $50,000 Cash 82,000 Unearned Service Revenue 40,000 Accounts Receivable 20,000 Service Reveme 20,000 Supplies 6,000 Withdrawals 5,000 Accounts payable 3,000 Utility payable 300 Utility expense 300 All the accounts have normal balances. Required: Analyse the accounts and their balances and prepare a list that describes each of the six (6) most likely transactions and their amounts. (12 marks) Analyse the above and prepare the necessary entries to record the transactions for July 2020. Dates and narrations are not required. (13 marks) Analyse the above and compute the total assets, total liabilities and total equity as at 31 July 2020. Show workings. (12 marks) (d) Analyse the above and compute the total cash received, total cash paid and ending cash balance for July 2020. Show workings. (8 marks) Describe the differences between the Statement of Financial Position and Statement of Cash Flows. (10 marks)

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

More Books

Students also viewed these Accounting questions

Question

=+Which appear to be among the most promising or successful?

Answered: 1 week ago