eBook Calculator Mastery Problem Labels and Amount Descriptions Instructions T-Accounts Trial Balance Income Statement Instructions Craig Fisher started a lawn service called Craig's Quick Cut to earn money over the summer months. Transactions for the month of June are listed below (a) Invested cash in the business, $3,000 (b) Bought mowing equipment for $1,000: paid $200 in cash and promised to pay the balance over the next four months. (c) Paid garage rent for June, $50. (d) Provided lawn services for customers on account, $520 (e) Paid phone bill, $30. () Borrowed cash from the bank by signing a note payable, $500. (g) Bought lawn tools, $480. (h) Collected cash from customers for services performed on account in transaction (d), $400. (0 Paid associates for lawn work done during the first half of the month, $350. () Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), $200 Earmed lawn fees of $1.320: $600 in cash and $720 on account. ) Instructions Paid for gas and oil for the equipment, $60. (D Paid cash on account for the mowing equipment purchased in transaction (b), $200. (K) ) Earned lawn fees of $1,320: $600 in cash and $720 on account (m) Paid associates for last half of month, S700. (n) Reimbursed associates for costs incurred using their own vehicles for transportation, $150. (0) Paid on note payable to bank, $100. (p) Withdrew cash for personal use, $200. Required: Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts. 1. 2. Foot and balance the T accounts where necessary 3. Prepare a trial balance of the accounts as of June 30, 20-- Prepare an income statement for the month ended June 30, 20 4. 5. Prepare a statement of owner's equity for the month ended June 30, 20- 6. Prepare a balance sheet as of June 30, 20- Labels and Amount Descriptions Labels Expenses For Month Ended June 30, 20- June 30, 20 Revenue Amount Descriptions Craig Fisher, Capital, June 30, 20-- Craig Fisher, Capital, June 1, 20-- Decrease in Capital Increase in Capital Investments During June Net Income Net Loss Total Assets Total Expenses ECalculator eBook Labels and Amount Descriptions novcnuO Amount Descriptions Craig Fisher, Capital, June 30, 20 Craig Fisher, Capital, June 1, 20-- Decrease in Capital Increase in Capital Investments During June Net Income Net Loss Total Assets Total Expenses Total Investment Total Liabilities Total Liabilities and Owner's Equity Withdrawals for June Income Statement at Balance Statement of Owner's Equity Shaded cells have feedbackX 5. Prepare a statement of owner's equity for the month ended June 30, 20 Additional Instructions Question not attempted. Score: 0/63 Craig's Quick Cut Statement of Owner's Equity (Label 5 T-Accounts Trial Balance Income Statement Balance Sheet Shaded cells have feedback 6. Prepare a balance sheet as of June 30, 20 Addtional Instructions Question not attempted. Crag's Quick Cut Score: 0/96 Balance Sheet (Label Assets Liabilities Owners Equity Previous Next Check My Work Balance Sheet Shaded cells have feedback 6. Prepare a balance sheet as of June 30, 20 Additional Instructions Question not attempted. Score: 0/96 Craig's Quick Cut Balance Sheet (Label) Assets Liabilities Owners Equity Next Previous Check My Work gnment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSession Locator= assignment-tal Calculator Problem uctions Labels and Amount Descriptions T-Accounts Trial Balance Income Statement Trial Balance Shaded cells have feedback 3. Prepare a trial balance of the accounts as of June 30, 20- Question not attempted. Score: 0/59 Craig's Quick Cut UNADJUSTED TRIAL BALANCE June 30, 20- DEBIT CREDIT ACCOUNT TITLE Cash Accounts Receivable Mowing Equipment Lawn Tools 4 Accounts Payable 6 Notes Payable r..L.r Calculator ry Problem structions Labels and Amount Descriptions T-Accounts Income Statement Trial Balance Trial Balance have feedback Shaded cells Notes Payable Craig Fisher, Capital 7 Craig Fisher, Drawing 9 Lawn Fees 10 Rent Expense Wages Expense 11 1 Phone Expense Gas and Oil Expense 13 Transportation Expense 14 15 Totals Points: 0/16 Feedback Calculator ry Problem Income Statement T-Accounts Trial Balance Labels and Amount Descriptions structions Shaded cells have feedback. X Statement of Owner's Equity 5. Prepare a statement of owner's equity for the month ended June 30, 20- Additional Instructions Question not attempted. Score: 0/63 Craig's Quick Cut Statement of Owner's Equity (Labe) Check My Work Shaded cells have feedback Income Statement 4. Prepare an income statement for the month ended June 30, 20-. Additional Instructions Question not attempted. Score: 0/80 Craig's Quick Cut Income Statement (Label) Label) 2 3 Label) eBook Calculator Mastery Problem Labels and Amount Descriptions Instructions T-Accounts Trial Balance Income Statement Instructions Craig Fisher started a lawn service called Craig's Quick Cut to earn money over the summer months. Transactions for the month of June are listed below (a) Invested cash in the business, $3,000 (b) Bought mowing equipment for $1,000: paid $200 in cash and promised to pay the balance over the next four months. (c) Paid garage rent for June, $50. (d) Provided lawn services for customers on account, $520 (e) Paid phone bill, $30. () Borrowed cash from the bank by signing a note payable, $500. (g) Bought lawn tools, $480. (h) Collected cash from customers for services performed on account in transaction (d), $400. (0 Paid associates for lawn work done during the first half of the month, $350. () Paid for gas and oil for the equipment, $60. (k) Paid cash on account for the mowing equipment purchased in transaction (b), $200 Earmed lawn fees of $1.320: $600 in cash and $720 on account. ) Instructions Paid for gas and oil for the equipment, $60. (D Paid cash on account for the mowing equipment purchased in transaction (b), $200. (K) ) Earned lawn fees of $1,320: $600 in cash and $720 on account (m) Paid associates for last half of month, S700. (n) Reimbursed associates for costs incurred using their own vehicles for transportation, $150. (0) Paid on note payable to bank, $100. (p) Withdrew cash for personal use, $200. Required: Enter the transactions for June in T accounts. Use the accounting equation as a guide for setting up the T accounts. 1. 2. Foot and balance the T accounts where necessary 3. Prepare a trial balance of the accounts as of June 30, 20-- Prepare an income statement for the month ended June 30, 20 4. 5. Prepare a statement of owner's equity for the month ended June 30, 20- 6. Prepare a balance sheet as of June 30, 20- Labels and Amount Descriptions Labels Expenses For Month Ended June 30, 20- June 30, 20 Revenue Amount Descriptions Craig Fisher, Capital, June 30, 20-- Craig Fisher, Capital, June 1, 20-- Decrease in Capital Increase in Capital Investments During June Net Income Net Loss Total Assets Total Expenses ECalculator eBook Labels and Amount Descriptions novcnuO Amount Descriptions Craig Fisher, Capital, June 30, 20 Craig Fisher, Capital, June 1, 20-- Decrease in Capital Increase in Capital Investments During June Net Income Net Loss Total Assets Total Expenses Total Investment Total Liabilities Total Liabilities and Owner's Equity Withdrawals for June Income Statement at Balance Statement of Owner's Equity Shaded cells have feedbackX 5. Prepare a statement of owner's equity for the month ended June 30, 20 Additional Instructions Question not attempted. Score: 0/63 Craig's Quick Cut Statement of Owner's Equity (Label 5 T-Accounts Trial Balance Income Statement Balance Sheet Shaded cells have feedback 6. Prepare a balance sheet as of June 30, 20 Addtional Instructions Question not attempted. Crag's Quick Cut Score: 0/96 Balance Sheet (Label Assets Liabilities Owners Equity Previous Next Check My Work Balance Sheet Shaded cells have feedback 6. Prepare a balance sheet as of June 30, 20 Additional Instructions Question not attempted. Score: 0/96 Craig's Quick Cut Balance Sheet (Label) Assets Liabilities Owners Equity Next Previous Check My Work gnment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSession Locator= assignment-tal Calculator Problem uctions Labels and Amount Descriptions T-Accounts Trial Balance Income Statement Trial Balance Shaded cells have feedback 3. Prepare a trial balance of the accounts as of June 30, 20- Question not attempted. Score: 0/59 Craig's Quick Cut UNADJUSTED TRIAL BALANCE June 30, 20- DEBIT CREDIT ACCOUNT TITLE Cash Accounts Receivable Mowing Equipment Lawn Tools 4 Accounts Payable 6 Notes Payable r..L.r Calculator ry Problem structions Labels and Amount Descriptions T-Accounts Income Statement Trial Balance Trial Balance have feedback Shaded cells Notes Payable Craig Fisher, Capital 7 Craig Fisher, Drawing 9 Lawn Fees 10 Rent Expense Wages Expense 11 1 Phone Expense Gas and Oil Expense 13 Transportation Expense 14 15 Totals Points: 0/16 Feedback Calculator ry Problem Income Statement T-Accounts Trial Balance Labels and Amount Descriptions structions Shaded cells have feedback. X Statement of Owner's Equity 5. Prepare a statement of owner's equity for the month ended June 30, 20- Additional Instructions Question not attempted. Score: 0/63 Craig's Quick Cut Statement of Owner's Equity (Labe) Check My Work Shaded cells have feedback Income Statement 4. Prepare an income statement for the month ended June 30, 20-. Additional Instructions Question not attempted. Score: 0/80 Craig's Quick Cut Income Statement (Label) Label) 2 3 Label)