Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q1. John started his own delivery service, John Deliveries, on April 2019.The following transactions occurred during the month. 1. Invested $12,000 cash in the business.3.

Q1. John started his own delivery service, John Deliveries, on April 2019.The following transactions occurred during the month. 1. Invested $12,000 cash in the business.3. Purchased a Van for deliveries for $10,000. John paid $2,000 cash and signed a note payable for the remaining balance. 6. Paid $500 for office rent for the month. 10. Performed $4,400 of services on account. 17. Withdraw the amount $739 cash for his home decoration. 25. Purchased supplies for $150 on account. 28. Paid $250 for utilities. Requirement: (a). Prepare a tabular analysis of the transactions using the following column heading: Cash, Account Receivable, Supplies, Delivery van, Note Payable, Account Payable, Johns Capital , Johns Drawing, Revenue, Expense. (b)Prepare an income statement for April, an owners equity statement for April, and a balance sheet at April 30.

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

The Evolution Of Audit Thought And Practice

Authors: T. A. Lee

1st Edition

0367502097, 978-0367502096

More Books

Students also viewed these Accounting questions

Question

What are the two reports associated with fringe benefits?

Answered: 1 week ago