Question
An analysis of the transactions made by Blossom & Co., a certified public accounting firm, for the month of August is shown below. The expenses
An analysis of the transactions made by Blossom & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $550 for rent, $3,800 for salaries and wages, and $300 for utilities.
| Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Owners Capital | Owners Drawings | + | Revenues | Expenses | ||||
| 1. | $14,000 | $14,000 | ||||||||||||||||
| 2. | 2,000 | $4,000 | $2,000 | |||||||||||||||
| 3. | 650 | $650 | ||||||||||||||||
| 4. | 4,600 | $2,900 | $7,500 | |||||||||||||||
| 5. | 1,000 | 1,000 | ||||||||||||||||
| 6. | 1,000 | $1,000 | ||||||||||||||||
| 7. | 550 | $550 | ||||||||||||||||
| 8. | 350 | 350 | ||||||||||||||||
| 9. | 3,800 | 3,800 | ||||||||||||||||
| 10. | 300 | 300
|
Prepare an owners equity statement for August 31, 2020. (List items that increase owner's equity first.)
| BLOSSOM & CO. Owners Equity Statement For the Year Ended August 31, 2020For the Month Ended August 31, 2020August 31, 2020 | |||
| DrawingsExpensesNet IncomeOwners Capital, August 1Owners Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments | $ | ||
| AddLess : | |||
| Drawings Expenses Net Income Owners Capital, August 1 Owners Capital, August 31 Revenues Total Expenses Total Revenues Investments | $ | ||
| Drawings Expenses Net Income Owners Capital, August 1 Owners Capital, August 31 Revenues Total Expenses Total Revenues Investments | |||
| AddLess :DrawingsExpensesNet IncomeOwners Capital, August 1Owners Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments | |||
| DrawingsExpensesNet IncomeOwners Capital, August 1Owners Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments | $ | ||
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
14th Edition
978-0132960649, 132960648, 132109174, 978-0132109178
