The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.
| Cash |
| (a) | 189,000 | (b) | 45,000 | |
| (d) | 29,000 | (e) | 690 | |
| (g) | 2,900 | (h) | 10,900 | |
| | | (i) | 4,900 | |
| Accounts Receivable |
| (f) | 9,800 | (g) | 2,900 | |
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| Accounts Payable |
| | | (c) | 79,000 | |
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| Scott Hamilton, Capital |
| | | (a) | 189,000 | |
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| Fees Income |
| | | (d) | 29,000 | |
| | | (f) | 9,800 | |
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| Telephone Expense |
| (e) | 690 | | | |
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| Scott Hamilton, Drawing |
| (i) | 4,900 | | | |
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| Salaries Expense |
| (h) | 10,900 | | | |
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Required: Prepare a statement of owners equity and a balance sheet for Residential Relocators as of December 31, 20X1.
Prepare a statement of owners equity for Residential Relocators as of December 31, 20X1.
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| | | RESIDENTIAL RELOCATORS | | Statement of Owner's Equity | | Month Ended December 31, 20X1 | | | | | | | | | | | | | | | | 0 | | | | $0 | |
Prepare a balance sheet for Residential Relocators as of December 31, 20X1.
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| | | RESIDENTIAL RELOCATORS | | Balance Sheet | | December 31, 20X1 | | Assets | Liabilities | | | | | | | | | | | | | | Owner's Equity | | | | | | | | | | | | Total Assets | $0 | Total Liabilities and Owner's Equity | $0 | |
