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The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets = Liab. + Owners Equity
| The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. |
| Assets | = | Liab. | + | Owners Equity | ||||||||||||
| Cash | + | Accts. Rec. | + | Supp. | + | Equip. | = | Accts. Pay. | + | T. Cotton, Capital | + | Rev. | Exp. | |||
| Balances, May 1 | 15,000 | + | 3,000 | + | 5,800 | + | 33,800 | = | 7,000 | + | 50,600 | + | 0 | 0 | ||
| Paid for utilities | 980 | + 980 | ||||||||||||||
| New balances | 14,020 | + | 3,000 | + | 5,800 | + | 33,800 | = | 7,000 | + | 50,600 | + | 0 | 980 | ||
| Sold services for cash | + 4,980 | + 4,980 | ||||||||||||||
| New balances | 19,000 | + | 3,000 | + | 5,800 | + | 33,800 | = | 7,000 | + | 50,600 | + | 4,980 | 980 | ||
| Paid a creditor | 2,100 | 2,100 | ||||||||||||||
| New balances | 16,900 | + | 3,000 | + | 5,800 | + | 33,800 | = | 4,900 | + | 50,600 | + | 4,980 | 980 | ||
| Sold services on credit | + 2,900 | + 2,900 | ||||||||||||||
| New balances | 16,900 | + | 5,900 | + | 5,800 | + | 33,800 | = | 4,900 | + | 50,600 | + | 7,880 | 980 | ||
| Paid salaries | 8,900 | + 8,900 | ||||||||||||||
| New balances | 8,000 | + | 5,900 | + | 5,800 | + | 33,800 | = | 4,900 | + | 50,600 | + | 7,880 | 9,880 | ||
| Paid telephone bill | 314 | + 314 | ||||||||||||||
| New balances | 7,686 | + | 5,900 | + | 5,800 | + | 33,800 | = | 4,900 | + | 50,600 | + | 7,880 | 10,194 | ||
| Withdrew cash for personal expenses | 3,000 | 3,000 | ||||||||||||||
| New balances | 4,686 | + | 5,900 | + | 5,800 | + | 33,800 | = | 4,900 | + | 47,600 | + | 7,880 | 10,194 | ||
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Facilities Managers Reference Management Planning Building Audits Estimating
Authors: Harvey H. Kaiser
1st Edition
0876291426, 978-0876291429
