Chapter $1$ Working Papers $-$ Accounting in Business

Bumble Management Services opened for business and completed these transactions in September.

Sep. $1$

Sep $2$

Sep. $4$

Sep. $8$

Sep. $12$

Sep. $13$

Sep. $19$

Sep. $22$

Sep. $24$

Sep. $28$

Sep. $29$

Sep. $30$

B$.$ Bumble, the owner, invested $$38,000$ cash along with office equipment valued at $$15,000$ in the company in exchange for common stock.

The company prepaid $$9,000$ cash for $12$ months' rent for office space.

The company made credit purchases for $$8,000$ in office equipment and $$2,400$ in office supplies. Payment is due within $10$ days.

The company completed work for a client and immediately received $$3,280$ cash.

The company completed a $$15,400$ project for a client, who must pay within $30$ days.

The company paid $$10,400$ cash to settle the payable created on September $4.$

The company paid $$1,900$ cash for the premium on an $18-$month insurance prepaid policy.

The company received $$7,700$ cash as partial payment for the work completed on September $12.$

The company completed work for another client for $$2,100$ on credit.

The company paid a $$5,300$ cash dividend.

The company purchased $$550$ of additional office supplies on credit.

The company paid $$860$ cash for this month's utility bill.

a$.$ Using the Accounting Equation, analyze each transaction and enter the amount under the correct account heading.

b$.$ Prepare an Income Statement.

c$.$ Prepare a Statement of Retained Earnings.

d$.$ Prepare a Balance Sheet