Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers.

Increase = I

Decrease = D

No effect = N

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

Class Activity 1

1. On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

a.From the information given in reference, prepare an income statement for November.

b.From the information given in reference, prepare a statement of changes in equity for November.

c.From the information given in reference, prepare a November 30 balance sheet.

2.The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

a.From the information given in reference, prepare an income statement for 2020.

b.From the information given in reference, prepare a statement of changes in equity for 2020.

c.From the information given in reference, prepare the year-end balance sheet.

3.Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work 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 Recommended Textbook for Accounting A Pathway Into The World Of Business And Data Analytics Authors: Carl S. Warren, Jefferson P. Jones, William Tayler 29th Edition 0357899644, 9780357899649 More Books Students also viewed these Accounting questions Question ★★★★★ A machine that cost $9,020 with $3,990 of accumulated depreciation was traded in for a similar machine having a $5,880 cash price. An $810 trade-in was offered by the seller. a. Calculate the book... Answered: 1 week ago Question ★★★★★ What are three federal agencies that employ biostatisticians? Answered: 1 week ago Question ★★★★★ 5. An urn contains three white, six red, and five black balls. Six of these balls are randomly selected from the urn. Let X and Y denote respectively the number of white and black balls selected.... Answered: 1 week ago Question ★★★★★ Spring Co. bought merchandise from All Co. with terms 2/10, n/30. Joanne Ring, the bookkeeper, forgot to pay the bill within the first 10 days. She went to Mel Ryan, the head accountant, who told her... Answered: 1 week ago Question ★★★★★ Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in December 2018 of a circult flaw in an amplifier that poses a potential fire hazard. An Intense... Answered: 1 week ago Question ★★★★★ You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you... Answered: 1 week ago Question ★★★★★ *P9-8A In recent years, Jayme Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the... Answered: 1 week ago Question ★★★★★ Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the parts for its engines, including the carburetors. An outside supplier... Answered: 1 week ago Question ★★★★★ You have been appointed as Vice President for Strategic Planning and Execution at Toys R Me. This is a small, but rapidly growing online alternative toy store. Sales last year were $10 million with... Answered: 1 week ago Question ★★★★★ 3-3 Estimate the average and maximum flowrates from a recreational area (to be selected by instructor) with the following facilities. State all of your assumptions clearly. Recreational area Type of... Answered: 1 week ago Question ★★★★★ For provincials, the primary means of integration into the Empire lay in grants of _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , which had been virtually impossible to receive during the... Answered: 1 week ago Question ★★★★★ 12. Think through the last week. If you could have changed some of your behaviour, what would you have changed? How would you have changed that? What would you seek to achieve by changing your... Answered: 1 week ago Question ★★★★★ The work role: This consists of service to others at your workplace. Answered: 1 week ago Question ★★★★★ The role of society: This consists of service to the local community, society and nature. Answered: 1 week ago Previous Question Next Question View Answer in SolutionInn App Services Sitemap Fun Definitions Become Tutor Study Help Categories Recent Questions Expert Questions Company Info Security Copyrights Privacy Policy Terms & Conditions SolutionInn Fee Scholarship Get In Touch About Us Contact Us Career Jobs FAQ Campus Ambassador Secure Payment Download Our App © 2024 SolutionInn. All Rights Reserved