Question
This is a set of practice questions for my accounting final this week. Please help me with them. 4 Bought a Van for $20,000. Paid
This is a set of practice questions for my accounting final this week. Please help me with them.
4 Bought a Van for $20,000. Paid cash.
4 Issued Check to for $3,000 to Office Buddy for business stationary and cards (office supplies).
5 Purchased additional office supplies for cash from Office Buddy, $850.
5 Purchased Office Equipment on account from Office Depot, for $35,000. 5 Issued Invoice to Jakey Corporation for corporate fitness training service, $3,000.
5 Issued Invoice to Lowrey Corporation for corporate fitness training service, $2,000
5 Issued check to pay gas bill, $550. (Gas & Automobile .. or any assumption you have made)
17 Issued debit memorandum returning $5,000 of retail valued fitness equipment to Doubletree Fitness Equipment.
17 Paid cash for supplies, $800. 17 Recorded Corporate Fitness Training fees for services provided (Jan 1-15) on account, $16,000.
17 Paid AT&T for Internet and Phone Services, $250.
Part 4. Prepare the formal financial statements
iii. Balance Sheet ($2,000 is current notes receivable)
Part 5. Statement of Cash Flow Statement Problem 1-3B, Bronco Consulting in Chapter 1.
Chapter 1 tntroduction to Accouniting and Business 49 $10.900 om, established Bronco Consulting on August 1, 2019. The effect of each transac- tion and the balances after each transaction for August follow Cash a. +75000 Auto Supplies Wc. - Payable + CapitalDrawingEarned Expense -Expense-Expense- Expense-Expense Bal 75,000 + 9.000 c 92000 Bal. 167.000 d27.000 Bal 140.000 75,000 +92.000 92,000 -27,000 27,000 9,000 92,000 6,000 Bal. 134.000 92,000 +33,000 125,000 2700) 33,000 134,000 75,000 27,000 9. Bal 111,000 h.58,000 23,000 -15,500 27,000-15,500 -7,500 7,500 3,000 75,000 125,000 125.00 58000 70 15,5007,500 Bal. 53,000 33,000 9,000 3,000 125,000 58,000 -27,000-15,500 6.100 Bal. 53,000 15,000 Bal. 38,000 33,000 2,900 75,000 125,000-58,000-27,00015,500 6,100 7500 33,000 2,900 3,000 75,000 -15,000 125,000 58,000 -27,000-15,500 -6,100 7,500 Instructions 1. Prepare an income statement for the month ended August 31, 2019. 2. Prepare a statement of owner's equity for the month ended August 31, 2019. 3. Prepare a balance sheet as of August 31, 2019. 4. (Optional) Prepare a statement of cash flows for the month ending August 31, 2019. OBJ.4, 5 PR 1-4B Transactions; financial statements On April 1, 2019, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April a. Opened a business bank account with a deposit of $24,000 from personal funds. b. Paid rent on office and equipment for the month, $3,600 c. Paid automobile expenses (including rental charge) for the month, $1,350, and 2. Net income $10,850 miscellaneous expenses, $600 d. Purchased office supplies on account, $1,200
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