Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An analysis of the transactions made by Carla Vista & Co., a certified public accounting firm, for the month of August is shown below. The
An analysis of the transactions made by Carla Vista & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $700 for rent, $3,800 for salaries and wages, and $500 for utilities.
Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Accounts Payable | + | Owners Capital | Owners Drawings | + | Revenues | Expenses | ||||
1. | $14,900 | $14,900 | ||||||||||||||||
2. | 2,800 | $5,000 | $2,200 | |||||||||||||||
3. | 750 | $750 | ||||||||||||||||
4. | 5,500 | $3,500 | $9,000 | |||||||||||||||
5. | 1,300 | 1,300 | ||||||||||||||||
6. | 1,900 | $1,900 | ||||||||||||||||
7. | 700 | $700 | ||||||||||||||||
8. | 350 | 350 | ||||||||||||||||
9. | 3,800 | 3,800 | ||||||||||||||||
10. | 500 | 500 |
Assume that August is the companys first month of business.
Prepare a balance sheet at August 31, 2020. (List Assets in order of liquidity.)
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