I During the last three months (April, May, and June) of the first fiscal year of operations of My Assistant, a few new types of transactions began to occur. These involve different ways the company is paying for some items, different ways the company is being paid, and the earning of interest. In all cases, keep in mind that economic events need to be reported when they occur (when revenues are earned and when expenses are incurred) regardless of when cash is exchanged. Below are summaries of transactions completed during April-June. 1. Paid the social media manager the amount owed from March. 2. Collected $490 of accounts receivable from March. 3. Purchased supplies of $100 on account. 4. Received $3,600 in exchange for completing 240 jobs, less a $180 fee due to Paypal. 5. In April, May, and June completed 140 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $1,500 of accounts receivable from April and May. 7. Purchased and used gas of $740 in order to complete jobs. 8. Paid the newspaper $600 for advertising for April - September. 9. Collected three months' worth of service fees. $174. in advance from a client with a standing appointment. Because the client is paying advance, W.T. offered a discounted rate of $14.50 per job. Services will be provided in June, July, and August. 10. Paid the social media manager $530. This amount represented her monthly fee and fee for 230 of the jobs scheduled during April, May, and June. 11. Paid friends $960 to complete 80 jobs during April, May, and June. 12. Paid $75 on accounts payable. 13. Paid a salary of $1,200 to W.T. 14. Repaid W.T.'s aunt $200 of the total amount owed to her. 15. On June 30, purchased $500 of equipment to assist in the completion of jobs. Information for adjusting entries: TT Enabledhatol FACIL Information for adjusting entries: 16. As of June 30, determined that the social media manager is owed her scheduling fee for 10 jobs scheduled and completed over the last few days of the month. 17. Determined that there are $30 of supplies on hand at June 30. 18. The advance payment for advertising (Event 8) was paid on April 1 and was for advertising beginning that same day. 19. The advance payment received from the client (Event 9) was received on June 1. For this particular client, services are provided equally in each month. 20. Recognized $5 of accrued interest revenue. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained I Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity and totals necessary for the balance sheet and statement of cash flow for My Assistant, Inc. for its first fiscal year (July 1 - June 30). I Assets Item Cash Supp. Int. Account titles for RE Acct. Rec. $.490 Equip Ppd. Ad, $0 Liabilities Acct. Uneam. Poy. Rev. $0 Fees Pay. $25 Stockholders' Equity C. RE Stock $100 $1,687 Notes Pay. $200 $1.507 Rec. $0 Bal. 41 1. $15 $0 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Bal. 6/30 My Assistant, Inc. Income Statement For the Year Ending June 30 Revenues: Total Revenues Operating Expenses Income Statement Work Paper: 1st and 2nd Otr 3rd Qtr 4th Qir. Total Revenues: Service Revenue $8,400 $5,310 Interest Revenue Operating Expenses: Collection fee $ 412 $191 1,025 855 Gas Expense Personal Svc Fee 4,560 1,295 Salary Expense 1,400 1,200 0 25 Supplies Expense Advertising Expense Total Operating Exp. 600 360 $7.997 $3,926 My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Year Ending June 30 Common Stock Retained Earnings Total Stockholders' Equity Beginning Balance Plus: Plus: Less: Ending Balance On its balance sheet for the current year, My Assistant should report Total Assets Total Liabilities Total Stockholders' Equity Total Liabilities and Stockholders' Equity Investing Rec. from issuance of stock Financing Rec. Pd. for from dividends note poy $(100) $500 Repaid No Cash note Effect pay. $0 $100 $(300) Cash Flows Work Paper: Item Operating Pd. for Rec. from oper. customers expenses 7/1- $13,220 $(11,913) 3/31 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Totals Reconciliation: Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance Ending cash balance $