SOL_P1_7

# SOL_P1_7 - Problem 1-7A(60 minutes Parts 1 and 2 Assets...

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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 - 2,500 = 22 + 3,200 = + 3,200 25 + 3,200 - 3,200 = 26 - 1,890 = - 1,890 27 = + 80 - 80 28 - 750 = - 750 30 - 300 = - 300 30 - 280 = - 280 31 - 1,400 = - \$1,400 \$42,780 + \$ 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

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## This note was uploaded on 02/15/2010 for the course ACCT 201 taught by Professor Carlahogan during the Spring '09 term at Shoreline.

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SOL_P1_7 - Problem 1-7A(60 minutes Parts 1 and 2 Assets...

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