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I need help with the multi - step income statement, owners equity statement, the Balance sheet, statement of cash flows, and the post closing trial
I need help with the multistep income statement, owners equity statement, the Balance sheet, statement of cash flows, and the post closing trial Balance.
The following transactions occurred during the month of October.
Oct. Madison cashes her US Savings Bonds and receives $ which she deposits in her personal bank account.
She opens a bank account under the name Sweet Treats and transfers $ from her personal account to the new account.
Madison pays $ for advertising. Check
She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $ cash. Check
Madison purchases a food processor for $ Check
Madison realizes that her initial cash investment is not enough. Her grandmother lends her $ cash, for which Madison signs a note payable in the name of the business. Madison deposits the money in the business bank account. The note will be repaid in months at interest.
She buys more baking equipment for $ cash. Check
She teaches her first class and collects $ cash.
Madison withdraws $ from the business for personal expenditures. Check
Madison pays $ for a oneyear insurance policy that will expire on November of the next year. Check
A friend of Madison's asked her to teach a class at the neighborhood school, Newbury Elementary School. Madison agreed and taught a group of firstgrade students how to make gingerbread cookies. The next day, Madison prepared an invoice for $ and left it with the school principal. The principal said that he will pass the invoice along to the head office, and it will be paid sometime in November.
As of October the following adjusting entry data is available.
A count reveals that $ of baking supplies were used during October.
Madison estimates that her baking equipment depreciates $ per month.
Madison has decided to accrue the interest each month just to be sure her books correctly reflect what needs to be repaid. She will accrue a full month's interest in October, since she wouldn't even be off the ground without her grandma's help.
Madison had a friend assist her with the Newbury Elementary School class. She decides to hire her friend as an employee. She owes her $ for the October class, that she will pay on November Acets ReC
At the beginning of November, Madison decides to expand her business by selling fine European mixers. The owner of Batter Blender Supply Co has approached Madison to become the exclusive distrbutor of these fine mixers in her state. The current cost of a mixer is $ and Madison plans to sell each mixer for $ Each appliance has a serial number and can be eassily identified. Madison uses the perpetual inventory system to account for these fine mixers. She also decides to start using special joumals and subsidiary ledgers to help keep track of her new customers and vendors, sales and purchases, and cash flows. Hint Refer to Chapter to calculate the cost of inventory.
The folowing transacions occurred during the month of November.
Nov Boughl five mixers on account from Batter Blender Supply Co for $ terms n
Paid $ freight on the November purchase. Check
Bought four mixers on account from Batter Blender Supply Co for $ terms
Madison is concemed that there is not enough cash avalable to pay for all of the mixers purchased. She invests an additional $ cash in Sweet Treals.
Paid $ freight on the November purchase. Check
Madison issued a check to her assistant for all the help at the elementary school on October Recal this amount was accrued at the end of October. Check
Paid a $ cell phone bill Hint: Use Utilities Expense Check
Paid Batter Blender the amount due from the November purchase. Check
Collected $ from the October transaction with Newbury Elementary School.
Three mixers are sold to Peter's Pastries on account for $ terms n Invoice Hint: You must record both the revenue and expense components on all sales transactions.
Sold three mixers for $ cash.
Paid Batter Blender the amount due from the November purchase. Check
Paid her assistant for the last two weeks of November in the amount
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