Transcribed Text
Question 1
Brendan Co.
Elena Co.
Desmond Co.
Beginning:
Assets
$400,000
$300,000
$540,000
Liabilities
300,000
120,000
360,000
Ending
Assets
$500,000
$400,000
Liabilities
250,000
160,000
480,000
Owner's equity:
Investments owner
$0
$50,000
Withdrawals by owner
250,000
150,000
220,000
Income statement
Revenues
$660,000
$350,000
$800,000
Expenses
460,000
525,000
REQUIRED Compute the missing amounts for each of the above businesses.
Question
Jingtao lewelers was recently formed as proprietorship. The balance of each item inthe business
accounting equation shown below for November 21 and for each of the nine following business days
November
Cash
A/R
Supplies
Land
A/P
o. Equity
21
$19,000
$9,000
$3,000
$18,000
$9,000
$40,000
22
28.000
9.000
3,000
18,000
9,000
49,000
23
16,000
9.000
3,000
30,000
9.000
9,000
24
11,000
9,000
3,000
30,000
4,000
49,000
25
11,000
9,000
5,000
30,000
6,000
49,000
26
17,000
9,000
5,000
30,000
6,000
55,000
27
22,000
4,000
5,000
30,000
6,000
55,000
28
19,000
4,000
5,000
30,000
3,000
55,000
29
16,000
4,000
8,000
30,000
3.000
55,000
30
4,000
4,000
8,000
30,000
3,000
43,000
REQUIRED: Assuming that single transaction took place each day describe briefly the transaction that
was most likely to have occurred. Begin with November 22 and complete upto November 30. No
revenue or expense transactions occurred on these dates.
Question?
Marcus Charleston is the proprietor of a landscaping business tharleston Outdoors. The following
amounts summarize the financial position of the business on July 31 2015:
ASSETS
UABILITIES +O.EQUITY
Cash
A/R
Supplies
Furniture &
A/P
M. Charleston,
Equipment
Capital
Balance
30,000
45.000
85,000
45,000
115,000
During August 2015 the following company transactions occurred:
Aug. 2
Charleston deposited $55 000 cash in the business bank account
b.
Aug. 5
Paid off the July 31 2015 balance of accounts payable.
c.
Aug.
Collected cash from customer on account, $12 .000.
d.
Aug. 11
Performed services for customer and received cash of $7,000.
Aug.13
Purchased supplies on account $5 500.
Aug.17
Completed large estate re -design and construction and billed the customer
for services rendered, $55,500.
g
Aug. 19
Recorded the following business expenses for the month
h.
Aug. 20
Paid office rent for August 2015 $7,000.
i.
Aug.24
Paid advertising $5 500.
j.
Aug.: 27
old supplies to another business for $2,500 cash, which was the cost ofthe
supplies.
Aug.
Charleston withd rew $6,500 cash.
REQUIRED Analyze the effects of the above transactions or the accounting equation of Charleston
Outdoors. Usethe table format shown in class.
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