weel 1 self check

# weel 1 self check - AC 201 Week One Solutions Problem 1-7A...

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Unformatted text preview: AC 201 Week One Solutions Problem 1-7A Parts 1 and 2 Assets = Liabilitie s + Equity Date Cash + Accounts Receivabl e + Office Equipment = Accounts Payable + H. Graham, Capital- H. Graham, Withdrawals + Revenue s- Expenses May 1 +\$43,000 = + \$43,000 1- 2,200 =- \$2,200 3 + \$1,940 = + \$1,940 5- 750 ` =- 750 8 + 5,800 = + \$5,800 12 + \$2,800 = + 2,800 15- 850 =- 850 20 + 2,800 - 2,800 = 22 + 4,000 = + 4,000 25 + 4,000 - 4,000 = 26- 1,940 = - 1,940 27 = + 85- 85 28- 850 =- 850 30- 400 =- 400 30- 260 =- 260 31- 2,000 =- \$2,000 \$46,350 + \$ 0 + \$1,940 = \$ 85 + \$43,000- \$2,000 + \$12,600- \$5,395 Problem 1-7A (Continued) Part 3 Graham Company Income Statement For Month Ended May 31 Revenues Consulting services revenue ............ \$12,600 Expenses Rent expense....................................... \$2,200 Salaries expense................................. 1,700 Advertising expense........................... 85 Cleaning expense............................... 750 Telephone expense............................ 400 Utilities expense.................................. 260 Total expenses.................................... 5,395 Net income.................................................. \$ 7,205 Graham Company Statement of Owner’s Equity For Month Ended May 31 H. Graham, Capital, May 1........................................ \$ Plus: Investments by owner..................................... 43,000 Net income....................................................... 7,205 50,205 Less: Withdrawals by owner.................................... 2,000 H. Graham, Capital, May 31...................................... \$48,205 Graham Company Balance Sheet May 31 Assets Liabilities Cash...............................\$46,350 Accounts payable........................ \$ 85 Office equipment.......... 1,940 Equity H. Graham, Capital...................... 48,205 Total assets...................\$48,290 Total liabilities and equity.......... \$48,290 Problem 1-7A ( Concluded) Part 3—continued Graham Company...
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## This note was uploaded on 11/16/2010 for the course AC 201 taught by Professor Leland during the Fall '10 term at Park.

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weel 1 self check - AC 201 Week One Solutions Problem 1-7A...

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