Question
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.
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