vClass Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her records showed the following (alphabetically arranged) account balances:??

Accounts payable	$500	Office furniture	$5,025
Accounts receivable	1,250	Jill Luckovich, Withdrawals	100
Cash	2,300	Rent expense	2,200
Fees earned	4,400	Salaries expense	1,000
Notes payable	500	Telephone expense	250
Jill Luckovich, Capital	6,725

 

 a. From the information given in reference, prepare an income statement for November. 

b. From the information given in reference, prepare a statement of changes in equity for November. 

c. From the information given in reference, prepare a November 30 balance sheet. 

 

2. The records of Cohen's Toy Repair Co. at December 31, 2020 showed the following account balances:??

Accounts payable	$10,000	Office furniture	$11,000
Accounts receivable	2,250	Cohen, Withdrawals	1,000
Cash	7,000	Advertising expense	5,000
Revenues	32,000	Wages expense	10,200
Notes payable	700	Maintenance expense	11,250
Cohen, Capital	5,000

 

 

a. From the information given in reference, prepare an income statement for 2020. 

b. From the information given in reference, prepare a statement of changes in equity for 2020. 

c. From the information given in reference, prepare the year-end balance sheet. 

 

 3. Dallas Parsons, CPA, began an accounting practice and completed these transactions during September 2015:??

Sept 1	Invested $15,000 of his personal savings into a bank account opened in the name of the accounting practice.
Sept 2	Purchased office equipment for $12,500, paying $800 cash and agreeing to pay the balance in one year.
Sept 3	Rented office space and paid cash for two months in advance, $11,200.
Sept 4	Completed accounting work for a client and immediately collected $1,500 in cash for the work done.
Sept 8	Purchased office supplies for cash, $150.
Sept 15	Completed accounting services for a client on credit, $2,300.
Sept 20	Received $2,300 from the above client for the work completed on September 15.
Sept 30	Paid utilities expense for month of $1,300.
Sept 30	Paid the office secretary's salary, $400.
Sept 30	Paid $100 for repairs to the photocopier.

 

??Show the effects of the above transactions on the balance sheet items of Dallas Parsons, CA. Use the following format for your answers. 

Increase = I 

Decrease = D 

No effect = N 

Date	Assets	Liabilities	Equity
September 1
September 2
September 3
September 4
September 8
September 15
September 20
September 30
September 30
September 30

 

?Class Activity 1

? 

1.  On November 1, 2020, Jill Luckovich began Jill Luckovich Interior Design Co. with an initial investment of $6,725, and on November 30 her