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P1_7A_Nirh

# P1_7A_Nirh - \$ 5,990 Graham Company Statement of Owner’s...

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Problem 1-7A (60 minutes) Parts 1 and 2 Assets = Liabilities + Equity Date Cash + Accounts Receivable + Office Equipment = Accounts Payable + H. Graham, Capital - H. Graham, With- drawals + Revenues - Expenses May 1 40,000 = + 40,000 1 -2,200 = 2,200 3 1,890 = 1,890 5 -750 ` = 750 8 5,400 = 5,400 12 2,500 = 2,500 15 -750 = 750 20 2,500 = 22 3,200 = 3,200 25 3,200 = 26 -1,890 = -1,890 27 = 80 80 28 -750 = 750 30 -300 = 300 30 -280 = 280 31 -1,400 = 1,400 47,900 \$ 0 + 1,890 = \$80 + \$40,000 - \$1,400 + \$11,100 - \$5,110

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Problem 1-7A (Continued) Part 3 Graham Company Income Statement For Month Ended May 31 Revenues Consulting services revenue ............ \$ 11,100 Expenses Rent expense ....................................... \$2,200 Salaries expense ................................. 1,500 Advertising expense ........................... 80 Cleaning expense ............................... 750 Telephone expense ............................ 300 Utilities expense .................................. 280 Total expenses .................................... 5110 Net income ..................................................
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Unformatted text preview: \$ 5,990 Graham Company Statement of Owner’s Equity For Month Ended May 31 H. Graham, Capital, May 1. ....................................... \$ Add: Investment by owner. .................................... 40,000 Net income. ..................................................... 5,990 Less: Withdrawals by owner. .................................. 1,400 H. Graham, Capital, May 31. ..................................... \$ 44,590 Graham Company Balance Sheet May 31 Assets Liabilities Cash. .............................. \$42,780 Accounts payable. ....................... \$ 80 Office equipment. ......... 1,890 Equity H. Graham, Capital. ..................... 44,590 _______ Total assets. .................. \$44,670 Total liabilities and equity. ......... .......................... \$44,670...
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