Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lyryx Learning Inc - Google Chrome lifa 1.lyryx.com/student-servlets/LabServlet?ccid=11271 Questo pomis) Vision Consulting Inc. began operations on November 1, 2014. The transactions for the first month

image text in transcribed

image text in transcribed

Lyryx Learning Inc - Google Chrome lifa 1.lyryx.com/student-servlets/LabServlet?ccid=11271 Questo pomis) Vision Consulting Inc. began operations on November 1, 2014. The transactions for the first month follow. a. Vision Consulting Inc. issued shares to shareholders for $100,000. b. Performed consulting services today and collected $900. c. Vision Consulting Inc. paid this month's $100 water utilities bill received today. d. Vision Consulting Inc. collected $1,500 for commissions earned today. e. Vision Consulting Inc. used credit to purchase $500 of supplies. f. Vision Consulting Inc. used credit to purchase $750 of equipment. g. A client rented equipment for $7,500 cash. h. Vision Consulting Inc. will pay this month's electrical utilities bill of $400 received today, within 30 days. i. Vision Consulting Inc. returned to the supplier $500 of equipment discovered to be defective. It was originally purchased on account in transaction (f). j. Vision Consulting Inc. paid dividends of $1,300 to the shareholders. Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Also indicate next to each change in equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. Calculate the total balance for each column (no + or - sign is required for totals). In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended November 30. = a) Complete the following accounting equation table: Assets Liabilities Equity Explanation +Share Capital+Retained Earnings (a) (b (c) (d) (e) OSTEOSES (g) (h) Bal. b) Complete the following income statement: (select one) ENG 17:51 b) Complete the following income statement: (select one) Income Statement (select one) c) Complete the following statement of changes in equity: (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity As X d) Complete the following balance sheet: (select one) Balance Sheet (select one) tt x x x x x 1 +1 +1 | XX X + X- X +

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

Skills For Accounting And Auditing Research

Authors: Shelby Collins

2nd Edition

1618530747, 9781618530745

More Books

Students also viewed these Accounting questions