Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Take me to the text Sheila Holmes opened a dormitory locator business called Room Finders near a college campus. During the first month of December

image text in transcribedimage text in transcribed

Take me to the text Sheila Holmes opened a dormitory locator business called Room Finders near a college campus. During the first month of December 2018, Sheila had the following transactions. 1) Invested $10,200 of personal funds to start the business. 2) Incurred travel expenses for $1,030, which will be paid later. 3) Paid $620 cash for maintenance expenses. 4) Received $6,000 cash for services provided to clients. 5) Paid $1,030 for the on account purchase in transaction 2. 6) Paid three months of office rent in advance, in the amount of $1,500. 7) Incurred $540 of utilities expenses, which will be paid next month. 8) Received $1,090 cash from a customer for services to be provided in two months. 9) Provided $1,070 in services for a customer who will pay later. 10) Recognized one month of office rent that was prepaid. 11) Sheila withdrew $980 cash for personal use. 12) Purchased a second-hand car worth $6,770 for business use with cash. 13) Received $680 from a customer owing for the service provided earlier this month. Required Prepare a T-Account worksheet. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the correspond Room Finders Balance Sheet As at December 31, 2018 Assets (what we OWN) Liabilities (what we OWE) Increase Decrease Decrease Increase Cash Accounts Payable Opening: $ Opening: $ Transaction #1 Transaction #1 Transaction # 2 Transaction # 2 Transaction # 3 Transaction #3 Transaction #4 Transaction #4 Transaction # 5 Transaction #5 Transaction #6 Transaction #6 Transaction # 7 Transaction #7 Transaction #8 Transaction #8 Transaction #9 Transaction #9 Transaction # 10 Transaction # 10 Transaction # 11 Transaction # 11 Transaction # 12 Transaction #12 Transaction # 13 Transaction # 13 Ending: $ Ending: $ Increase Increase Decrease Accounts Receivable Decrease Unearned Revenue Opening: $ Opening: $ Transaction #1 Transaction #1 Transaction # 2 Transaction # 2 Transaction #3 Transaction #3 Transaction #4 Transaction #4 Transaction # 5 Transaction # 5 Transaction # 6 Transaction # 6 Transaction #7 Transaction #7 Transaction #8 Transaction #8 Transaction #9 Transaction #9 Transaction # 10 Transaction # 10 Transaction # 11 Transaction # 11 Transaction # 12 Transaction # 12 Transaction # 13 Transaction # 13 Ending: $ Ending: $ Increase Decrease Decrease Increase Prepaid Rent Holmes, Capital Opening: $ Opening: $ Transaction #1 Transaction #1 Transaction # 2 Transaction # 2 Transaction #3 Transaction #3 Transaction #4 Transaction #4 Transaction # 5 Transaction # 5 Transaction #6 Transaction #6 Transaction #7 Transaction #7 Transaction # 8 Transaction #8 Transaction #9 Transaction #9 Transaction # 10 Transaction # 10 Transaction # 11 Transaction # 11 Transaction # 12 Transaction # 12 Transaction # 13 Transaction # 13 Ending: $ Ending: $ Increase Decrease Increase Decrease Holmes, Withdrawals Automobile Opening: $ Transaction #1 Transaction #1 Transaction # 2 Transaction # 2 Transaction #3 Transaction #3 Transaction #4 Transaction #4 Transaction # 5 Transaction # 5 Transaction # 6 Transaction # 6 Transaction #7 Transaction #7 Transaction #8 Transaction #8 Transaction #9 Transaction #9 Transaction # 10 Transaction # 10 Transaction # 11 Transaction # 11 Transaction # 12 Transaction # 12 Transaction # 13 Transaction # 13 Ending: $ Ending: $ Total Assets $ Total Liabilities $ Owner's Equity $ Room Finders Income Statement For the Month Ended December 30, 2018 REVENUE Decrease Increase + Transaction #1 Transaction # 2 Transaction #3 Transaction #4 Transaction # 5 Transaction #6 Transaction #7 Transaction #8 Transaction #9 Transaction # 10 Transaction # 11 Transaction # 12 Transaction # 13 Ending: $ minus Expenses Increase Decrease Increase Decrease Maintenance Rent Transaction #1 Transaction # 1 Transaction # 2 Transaction #2 Transaction # 3 Transaction # 3 Transaction #4 Transaction #4 Transaction #5 Transaction # 5 Transaction # 6 Transaction #6 Transaction #7 Transaction #7 Transaction # 8 Transaction #8 Transaction #9 Transaction #9 Transaction # 10 Transaction # 10 Transaction # 11 Transaction # 11 Transaction # 12 Transaction # 12 Transaction # 13 Transaction # 13 Ending: $ Ending: $ Increase Decrease Increase Decrease Travel Utilities Transaction # 1 Transaction # 1 Transaction # 2 Transaction # 2 Transaction #3 Transaction # 3 Transaction #4 Transaction #4 Transaction # 5 Transaction # 5 Transaction #6 Transaction #6 Transaction #7 Transaction #7 Transaction #8 Transaction #8 Transaction #9 Transaction #9 Transaction # 10 Transaction # 10 Transaction # 11 Transaction # 11 Transaction # 12 Transaction # 12 Transaction # 13 Transaction # 13 Ending: $ Ending: $ Total Revenue Total Expenses Surplus (Deficit)

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

Step: 3

blur-text-image

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 Social Function Of AccountsReforming Accountancy To Serve Mankind

Authors: John Flower

1st Edition

1138645249, 9781138645240

More Books

Students also viewed these Accounting questions

Question

a score of 60 or higher on the test?

Answered: 1 week ago