Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with the income Statement, owners equity and Balance sheet please, i have provided infprmation to help fill in other statments the INCOME

I need help with the income Statement, owners equity and Balance sheet please, i have provided infprmation to help fill in other statments image text in transcribed
image text in transcribed
image text in transcribed
the INCOME STATEMENT ( i have included some if the drop diwn options)
image text in transcribed
image text in transcribed
image text in transcribed
ST OWNERS EQUITY
image text in transcribed
image text in transcribed
BALANCE SHEET
image text in transcribed
image text in transcribed
Business transactions completed by Jean Clark during the month of September are as follows: Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements Sep. 1 Clark invested $69.000 cash along with office equipient valued at $25,300 in a new sole proprietorship named JC Consulting. Sep 3 The company purchased and valued at $46,000 and building valued at $160.300. The purchase is paid with $30, 300 cash and a long-term note payable for $176.000 Sep. The company purchased $2,300 of orice supplies on credit Sep . 7 Clark invested a personal automobile in the company. The automobile has a value of $17.100 and 12 to be used exclusively in the business. Sep The company purchased 55,000 of additional office equipment on credit. Sep 11 The company paid $2,250 cash salary to an intant. Sep. 13 The company provided services to a client and collected $4,200 cash. Sep 15 The company paid 51,200 cash for this month's utilities Hep 17 The company paid $2.300 coal to settle the account payable created on September 5. Sep. 19 The company purchased $20, 600 of new office equipment by paying $20,600 canh Sep 21 The company completed $6,000 of services for a client, who must pay within 30 days Sep. 23 The company paid $2,250 cash salary to an intant. Sep. 25 The company received $5,000 cash in partial payment on the receivable created on September 21. lep. 21 Clack with 3,100 cash from the company for personal use. 1 General Ledger Account Cash Accounts receivable No. Debit Credit No. Debit Credit Date Sep 01 Sep 21 Balance 0 6.800 1 69,000 11 6,800 2 30,300 2.250 6 Date Sep 01 Sep 01 Sep 03 Sep 11 Sep 13 Sep 15 Sep 17 Sep 19 Sep 23 Balance 0 69,000 38,700 36,450 40,650 39,450 37.150 16,550 14.300 4.200 7 8 9 1,200 2,300 20,600 2,250 10 12 Office supplies Debit Credit Office equipment Debit Credit No. No. Date Sep 01 Sep 05 Balance 0 2.300 3 2,300 1 5 10 Date Sep 01 Sep 01 Sep 09 Sep 19 25,300 5,900 20,600 Balance 0 25,300 31200 51,800 Automobiles Building Debit No. Date Debit Credit No. Credit Balance Sep 01 Sep 07 Balance 0 17.100 Date Sep 01 Sep 03 4 17.100 2 160,300 150 300 Land Accounts payable Debit Credit No. Debit Credit Balance No. 0 Date Sep 01 Sep 03 2 46.000 46.000 3 Date Sep 01 Sep 05 Sep 09 Sep 17 2300 5,900 Balance 0 2.300 8.200 5.900 5 9 2.300 Notes payable Debit Credit J. Clark, Capital Debit Credit No. Date No. Sep 01 Sep 03 Balance 0 176,000 Date Sep 01 Sep 01 Sep 07 Balance 0 94,300 2 176.000 1 94,300 17,100 4 111,400 Foes revenue Salaries expense Debit Credit No. Date Debit Credit No. Balance 0 4,200 11,000 Sep 01 Sep 13 Sep 21 Date Sep 01 Sep 11 Sep 23 7 11 Balance 0 2.250 4.500 e 4.200 6,800 6 12 2,250 2,250 Utilities expenso Debit Credit No. Date Sep 01 Sep 15 Balance 0 1,200 8 1,200 General Journal Trial Balance > int JC Consulting Income Statement For Month Ended September 30, 2019 rences Assets: Liabilities: Owner's Equity: Revenues: Expenses: JC Consulting Income Statement For Month Ended September 30, 2019 es 000: No journal entry required 101: Cash 106: Accounts receivable 108: Office supplies JC Consulting Income Statement For Month Ended September 30, 2019 avoyeurvieuroppuuu 163: Office equipment 164: Automobiles 170: Building 172: Land 201: Accounts payable JC Consulting Statement of Owner's Equity For Month Ended September 30, 2019 J. Clark, Capital, September 1, 2019 111,400 when 111,400 111,400 $ 111,400 J. Clark, Capital, September 30, 2019 The ending capital balance is transferred to the Income Statement Balance Sheet > JC Consulting Statement of Owner's Equity For Month Ended September 30, 2019 J. Clark, Capital, September 1, 2019 $ 111,400 111,400 111,400 Add: Owner investments Add: Net income GA Add: Owner withdrawals 111,400 Add: Net loss Income Statement Balance Sheet JC Consulting Balance Sheet September 30, 2019 Assets: Liabilities: Owner's Equity: Revenues: 111,400 Total JC Consulting Balance Sheet September 30, 2019 our ce payur 301: J. Clark, Capital 302: J. Clark, Withdrawals 403: Fees revenue 601: Salaries expense 602: Utilities expense 111,400 Total

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