Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

e) In January Pets Plus provided pet care services and collected 54,500 from customers. f) Petspias paid $1,200in January salaries toits employees. 3). Pets Plus

image text in transcribedimage text in transcribedimage text in transcribed

e) In January Pets Plus provided pet care services and collected 54,500 from customers. f) Petspias paid $1,200in January salaries toits employees. 3). Pets Plus purchased nev computer equipment. The equipment cost 5630 and was purchased using cash: h) Pets Plus made its first payment of $1,400 to the bank for the note signed in (c) above ignare interest for this transaction. i) Pets Plus paid 59,500 to purchase additional land next to its building, offering an outdoor play area for Pets. Part 2. Transaction Analysis Pets Plus is a brand-new pet care company. Analyze each January 2022 transaction for Pets Plus in the form of the accounting equation. If a transaction does not need to be recorded in the accounting records, write "Not an accounting event". The first transaction has been completed for you as an example. a) The owner of Pets Plus contributed $5,000 in exchange for common stock. b) Pets Plus ordered $520 of cleaning supplies on account. The supplier billed Pets Plus. a) Pets Plus borrowed 515,000 from Bank of kansas City. d) Biffy reaches out to Pets Plus to inquire about its dog sitting services. Pets Plus schedules a tour for Bally for next Friday. Part 3: Preparing a Balance Sheet Use the Peds Plus transactions in Part 2 to prepare a balance sheet for Pets Plus as of January 31,2022 . \{Hint: Your balance sheet totals should be $20,930.)

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_2

Step: 3

blur-text-image_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

The Economics Of Money Banking And Finance

Authors: Peter Howells, Keith Bain

4th Edition

0273710397, 978-0273710394

More Books

Students also viewed these Finance questions