Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Geller started his own consulting firm, Geller Consulting, on April 1, 2018. The following transactions occurred during the month of April. April 1 Geller invested

Geller started his own consulting firm, Geller Consulting, on April 1, 2018. The following transactions occurred during the month of April.

April 1 Geller invested Tk. 10000 cash in the business.

April 2 Paid Tk. 1800 for office rent for the month.

April 3 Purchased Tk. 700 of supplies on account.

April 5 Paid Tk. 150 to advertise in the Country News.

April 9 Received Tk. 3000 cash for service provided.

April 15 Performed Tk. 5300 of services on account.

April 26 Borrowed Tk. 5000 from the bank on a note payable.

April 29 Purchased office equipment for Tk. 2400 on account.

Requirements:

(a) Show the effect of the presented transactions on the accounting equation using the following format:

Data

Assets

Liabilities

Owner's Equity

Cash

Accounts Receivable

Supplies

Office Equipment

Notes Payable

Accounts Payable

Geller. Capital

(b) Prepare an income statement for the month of April

(c) Prepare a balance sheet at April 30, 2018.

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions

Question

python turtle olympic rings code

Answered: 1 week ago