Answered step by step
Verified Expert Solution
Question
1 Approved Answer
J. West, Withdrawals Jill Martin of Regina opened Martin's Catering Service. As her accountant, ana. lyze the transactions listed below and present in proper form:
J. West, Withdrawals Jill Martin of Regina opened Martin's Catering Service. As her accountant, ana. lyze the transactions listed below and present in proper form: 1. The analysis of the transactions by utilizing the expanded accounting equation 2. A balance sheet showing the position of the firm before opening on November 1, 2019 3. An income statement for the month of November 4. A statement of owner's equity for November 5. A balance sheet as of November 30, 2019 2019 Oct. 28 Jill Martin invested $8,000 in the catering business from her personal savings account. 29 Bought equipment for cash from Munroe Co., $900. 30 Bought additional equipment on account from Ryan Co., $1,800. 31 Paid $1,000 to Ryan Co. as partial payment of the October 30 trans- action (You should now prepare your balance sheet as of October 31, 2019.) Nov. 1 Catered a graduation and immediately collected cash, $2,900. 4 Paid salaries of employees, $720. 8 Prepared desserts for customers on account, $300. 11 Received $100 cash as partial payment of November 8 transaction. 15 Paid telephone bill, $75. 18 Jill paid her home electricity bill from the company's bank account, $90. 19 Catered a wedding and received cash, $1,800. 25 Bought additional equipment on account, $400. 28 Rent expense due but not yet paid, $600. 29 Paid supplies expense, $400
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started