This is all 1 question that cant be divided into seperate sections so i had to post these pictures. i need help solving these with explanations please i want to prepare for a test. please help and guaranteed thumbs up!
Survey of Accounting Class 8 Packet P. 2 Semester Case-My Assistant, Inc. In February and March, WT began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In order to report net income that accurately matches revenues and the expenses that helped to generate them. W.L. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations Below are summaries of transactions completed during February and March 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs. less a $131 fee due to PayPal. 5. In February and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February 7. Purchased and used gas of $575 in order to complete jobs 8. Paid the newspaper $240 for advertising for February and March 9. Paid the social media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February and March 10. Paid friends $600 to complete 50 jobs during February and March 11. Paid a salary of $200 to W.L. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31. determined that the social media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an Occounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the lost column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. Determine the total amount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the nel change in cash 0.3 Survey of Accounting Class 8 Packet My Assistant Accounting Equation for February March Accounties for RE Cash Accts Rec Supplies $73949590 Fees Payable $16 Stockholders' Equity Common Retained Stock Fomings $100 Notes Payable $400 5 gas expurse Soo CSISS >
