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Homework 1 Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. 1. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected 2. Prepare an income statement, an owner's equity statement, and a balance sheet for the month of September Transactions (1) Neko Case invests $20.000 in cash to start a cleaning and laundry business on June 1. (2) Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days (3) Purchased supplies for $1.200 cash (4) Received a bill from College News for $300 for advertising on account in the campus newspaper (5) Cash receipts from customers for cleaning and laundry amounted to $2.400. (6) Paid salaries of $600 to student workers on cash. (7) Paid $300 to College News for advertising on cashil that was previously billed in Transaction 4 Answer: 1. Assets = liabilities + equity Trans- (1) Balance (2) Balance (3) Balance (4) Balance (5) Balance (6) Balance (7) Balance (8) Totals Income Statement For the Month Ended September 30, 2014 Revenues $ Expenses $ Net income M1 Owner's Equity Statement For the Month Ended September 30, 2014 Add Less: Balance Sheet September 30, Assets Total assets lu Liabilities and Owner's Equity Liabilities Owner's Equity Total liabilities and owner's equity