BAF3M - AssignmentSaints Softball Company

1. Analyze business transactions Saints Softball for September 2020. a) identify the business accounts impacted using the list provided (there must be at least 2) b) classify the account as either Asset, Liability, or Owner's Equity c) indicate whether the account will increase or decrease 2. Show the company changes in financial position using Equation Analysis worksheet provided. 3. Prepare a balance sheet for Saints Softball as of September 30, 2020. Business Account List Cash Supplies Truck Bank Loan R. Benedict, Capital Account Receivable - St John Sporting EquipmentAccounts Payable Loan Payable Transaction Accounts Affected Amount A/L/OE +/ - 1. The Saints Softball Company receives $1,000 cash from St. John Knights in partial payment of the amount owed by them. A/R - St John A 2. Sport Store is paid $2,000 cash in partial payment of the debt owed to them. 3. The owner buys himself a new computer (valued at CASH A $1,200) with the company's money. OE 4. Supplies costing $950 are purchased for cash from the SUPPLIES Sport Store. D 5. Saints Softball Company sells a home for A.J. Buhler. For A this service, Saints Softball Company receives a commission of $4,700. CAPITAL OE + 6. A set of bats (Sporting Equipment) is purchased from EQUIPMENT A + Bats 'N' Gloves for $3,000 cash. CASH A 7. An employee from the company is asked to leave the company with no compensation. 8. A tournament is set up by the Saints Softball company. CASH For this service, the company receives $15,000 cash OE 9. Saints Softball Company purchases a new batting cage EQUIPMENT 8,000 from Sport Store valued at $8,000. Saints Softball Company gives cash down payment of $4,000 and the remainder of CASH 4,000 A the balance is to be paid at a later date. A/P -SPORT STORE 4,000 10. Saints Softball Company sells one of its trucks for TRUCK 15,000 $15,000 cash. With this money, Saints Softball Company pays the remaining balance of the batting cage bought in transaction 9. CASH 15,000 A + A/P - SPORT STORE L CASH 4,000