Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jan 1- Owner transfered cash from personal bank account to new business account, $10,000. Jan 2- Paid rent for the month of January in cash,

Jan 1- Owner transfered cash from personal bank account to new business account, $10,000.

Jan 2- Paid rent for the month of January in cash, 1,000.

Jan 5- Purchased supplies on account, $500.

Jan 6- Paid by check Marketing Expense, $300.

Jan 18- Earned fees invoice sent to client to be paid next month, $10,000

Jan 25- Paid by check office salaries, $1,500.

Jan 30- Paid cash for office supplies purchased on Jan 5, $500.

Jan 31- Owner withdrew cash by check for personal use, $1,000.

- Total Revenue Recorded - $_______________

- Total Expenses Recorded - $________________

-Total Income for January - $_______________

-Net assets on January 31 - $_______________

-Net liabilities on January 31 - $______________

-Owner's Equity in January 31 - $_____________

-Cash flow from operating - $________________

-Cash flow from investments - $__________________

-Cash flow from financing - $__________________

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Karen W. Braun, Wendy M. Tietz

3rd edition

132890542, 978-0132890540

More Books

Students also viewed these Accounting questions

Question

2. Recognize progress and improvement. Avoid nonspecific praise.

Answered: 1 week ago