Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money.

At the beginning of September, Selena Cantu started Cantu Wealth Management Consulting, a firm that offers financial planning and advice about investing and managing money. On September 30, the accounting records of the business showed the following information.

Cash $ 67,200
Accounts Receivable 9,000
Office Supplies 7,800
Office Equipment 76,000
Accounts Payable 12,400
Selena Cantu, Capital, September 1, 2019 54,400
Fees Income 156,800
Advertising Expense 14,000
Salaries Expense 33,000
Telephone Expense 2,600
Withdrawals 14,000

Required:

Prepare a statement of owners equity for the month of September and a balance sheet for Cantu Wealth Management Consulting as of September 30, 2019.

CANTU WEALTH MANAGEMENT CONSULTING
Statement of Owners Equity
Month Ended September 30, 2019
Selena Cantu, Capital, September 1, 2019
Net income for September
Less: Withdrawals for September
Increase in Capital 0
Selena Cantu, Capital, September 30, 2019 $0

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

Students also viewed these Accounting questions

Question

What magazine and ads did you choose to examine?

Answered: 1 week ago