Answered step by step
Verified Expert Solution
Question
1 Approved Answer
B C D H J K M N 6/1 Invested $25,000 in personal cash into the business 6/15 6/3 Signed a note bontow $20,000
B C D H J K M N 6/1 Invested $25,000 in personal cash into the business 6/15 6/3 Signed a note bontow $20,000 cash from the bank for the business. 6/18 Bought office supplies on account-1450 6/4 Purchased repair equipment on credit-$4,000 6/21 Paid for a 1-year truck insurance policy-$1,200 Collected a $300 payment from the customer on 6/5 6/5 Completed repair services for a customer on credit-$1,300 6/24 618 Paid the office worker's wages-$500 6/25 Paid $1,000 of the amount oved for the equipment purchased on 6/4 Paid the June unlay bill-$130 6/3 6/10 Paid $7,000 cash to acquire a used truck for the business Shifty withdrew $300 for personal use 6/29 Paid the June telephone bill-$320 6/30 Paid the entire amount oved for the supplies purchased on 6/18 6/13 Completed repair services for a customer for cash-12.300 OWNER'S 1) Revenue (+) ASSETS LIABILITIES EQUITY 2) Expenses (-) Cash Date Accounts Receivable Supplies Prepaid Insurance Equipment Truck Accounts Payable Notes Payable 4) Withdrawals Capital + Explanation BEG BAL Beg Balances 1-Jun 3-Jun 4-Jun 5-Jun 8-Jun 9-Jun 10-Jun 13-Jun 15-Jun 18-Jun 21-Jun 24-Jun 25-Jun 29-Jun 30-Jun End Bal... statements, calculate Total Assets Net Income for June ENTRYWODY Total Liabs Owners Equity Shifty's Owner's Equity on June 30th
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