Chapter 1 - E1-5 Correct Meridith Cleaners has the...

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E1-5
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Correct. Meridith Cleaners has the following balance sheet items. Instructions Classify each item as an asset, liability, or owner's equity. Liability Accounts payable Asset Accounts receivable Asset Cash Liability Notes payable Asset Cleaning equipment Liability Salaries payable Asset Cleaning supplies Owner's Equity Karin Meredith, Capital E1-9 Incorrect. An analysis of the transactions made by S.Moses & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in owner's equity is explained. Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Owner's Equity S. Moses, Capital 1. +$15,000 +$15,000 Investment 2. -2,000 +$5,000 +$3,000 3. -750 +$750 4. +4,600 +$3,700 +8,300 Service Revenue 5. -1,500 -1,500 6. -2,000 -2,000 Drawings 7. -650 -650 Rent Expense 8. +450 -450 9. -4,900 -4,900 Salaries Expense 10. +500 -500 Utilities Expense Instructions
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Complete the income statement and owner's equity statement for August and the balance sheet at August 31, 2008. (If answer is zero, please enter 0, do not leave any fields blank. List multiple entries in descending order of amount. For balance sheet list assets in order of liquidity.) S. Moses & Co.
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