M & N Fashion Consulting, Inc Integrated Financial Statements

Assets

=

Liabilities

+

Shareholders’ Equity

Date

Cash

Accounts Receivable

Prepaid Insurance

Equipment

Accum. Apr. – Equip.

Accounts Payable

Unearned Revenue

Capital Stock

Retained Earnings

Income Statement

Statement of Cash Flows

March 1 Balances

$2,500

$6,000

$4,800

$5,000

$2,000

$6,300

$6,300

$2,500

Mar 31 BAL

The following information is for the M & N Fashion Consulting, Inc. M & N Fashion provides consulting services to clients. M & N Fashion has existing balances from Feb. 28, 20Y5. Record the transactions below on the worksheet provided for the month of March 20Y5. Issued a loan from the bank for $10,000. Transaction 1: Transaction 2: Transaction 3: its sole stockholder, Transaction 4: Transaction 5: Transaction 6: Transaction 7: Transaction 8: Transaction 9: Transaction 10: March 1 March 2 March 5 Sally, who is the owner of firm. March 7 March 9 March 13 March 15 March 20 March 28 Purchased equipment for $8,000 on account. Received $6,500 cash from the issuance to capital stock to March 30 Received $4,500 cash from customers for services previously provided that was on account. Purchased supplies $3,500 cash. Paid $4,000 for the equipment that was purchased on March 2nd Performed services for a customer on account, $3,000. Paid wages for $1,200. Paid $850 to the bank on the loan, of which $200 was interest and the rest was a repayment of the loan. Paid dividends of $700 to its shareholder, Sally.