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Smith Contractors, Inc. began operations on October 1, 2020. The first three business transactions for the company have already been recorded as reflected in the transactions below and on the financial statement tabular analysis on page 3. For transactions 4-16, record the effect on the accounting equation and then on the tabular analysis on page 3. You will then write Financial Statements on pages 4 and 5. 1. Received $50,000 cash in exchange for common stock Assets Liabilities + ACCT NAMES: Cash Amount +/- +$50,000 Stockholders' Equity Common Stock +$50,000 = + 2. Borrowed $20,000 from First National Bank to finance operations, signing a 5-year, 6% N/P Assets Liabilities Stockholders' Equity ACCT NAMES: Cash Note Payable Amount +/- +$20,000 +$20,000 = Liabilities + 3. Purchased equipment for $15,000 cash. Assets ACCT NAMES: Cash Equipment Amount +/- -$15,000 +$15,000 Stockholders' Equity + Stockholders' Equity 4. Purchased $4.000 of supplies on account. Assets = Liabilities ACCT NAMES: Amount +/- 5. Received a $3,000 cash advance from a customer for services not yet performed. Assets = Liabilities Stockholders' Equity ACCT NAMES: Amount +/- Stockholders' Equity 6. Purchased on October 1 a 6-month insurance policy for $600 Assets = Liabilities ACCT NAMES: Amount +/- 7. Provided services to customers during October and received $40,000 cash. Assets Liabilities Stockholders' Equity ACCT NAMES: Amount +/- + 8. Paid wages of $3,500 to employees for the month of October Assets Liabilities ACCT NAMES: Amount +- Stockholders Equity 1 = Liabilities + 9. Paid $900 for the October utility bill. Assets ACCT NAMES: Amount +- Stockholders' Equity + 10. Paid rent of $2,000 for October's office rental. Assets Liabilities ACCT NAMES Amount +/- Stockholders' Equity + Stockholders Equity 11. Paid dividends of $4,000 during October Assets Liabilities ACCT NAMES: Amount +/- At the end of the month, Smith Contractors, Inc. needs to record the following adjusting transactions to update their accounting records: 12. The company completed a physical count of supplies and determined that $1,000 of supplies are still on hand. Record the use of supplies. Assets Liabilities Stockholders' Equity ACCT NAMES Amount +/- + 13. The company provided services of $1,500 to the customer that paid in advance (in #5). Assets Liabilities Stockholders' Equity ACCT NAMES: Amount +/- = + 14. Depreciation expense on equipment of $250 needs to be recorded. Assets Liabilities Stockholders' Equity ACCT NAMES Amount +/- + 15. Record insurance expense for the month of October. Assets = Liabilities ACCT NAMES Amount +/- Stockholders' Equity 16. Record accrual of interest expense on Note Payable for the month of October. Assets Liabilities + Stockholders' Equity ACCT NAMES Amount +/- Using the tabular analysis on the next page, summarize transactions 4-16 above to determine the ending balance in each account. Write the account names in the top row and the dollar amount increase or decrease of each transaction that effects that account in each row underneath. If Retained Earnings has been effected, be sure to note the specific revenue, expense, or dividend account. You will need that information to complete the income Statement. Total up all of the transactions (#1-16) on the tabular analysis to determine the ending balance in each account and note it in the bottom row. You will use these totals to write the financial statements. Financial Statement Tabular Analysis Assets Cash Equip Liabilities Note Payable Stockholders' Equity Common Stock +50,000 1. +50,000 2 +20,000 +20,000 3. -15,000 +15,000 4. 4 5. 6. 7. 8 9 10. 11. 12 13 14. 15 16 On the next 2 pages, summarize the information from the table above by preparing Smith Contractors, Inc.'s Income Statement and Statement of Retained Earnings for the month ended October 31, 2020 and a Classified Balance Sheet as of October 31, 2020. Be sure you include all labels, totals, and subtotals. You may not need all the lines given. Smith Contractors, Inc. Income Statement For the Month Ended October 31, 2020 Smith Contractors, Inc. Statement of Retained Earnings For the Month Ended October 31, 2020 Be sure to include all the necessary subtotals and totals as outlined in Chapter 2 for a Classified Balance Sheet. You may not need all the lines. Smith Contractors, Inc. Balance Sheet As of October 31, 2020 5
