Week 1 Assignment 1

Week 1 Assignment 1 - P1-42 (60-75 min.) Redmon Consulting...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: P1-42 (60-75 min.) Redmon Consulting Analysis of Transactions Assets Cash 2-Dec 10,000 10,000 Balance 2-Dec (500) 9,500 Balance 3-Dec (2,000) 7,500 Balance 4-Dec Balance 5-Dec Balance 9-Dec Balance 12-Dec (200) 7,300 Balance 800 18-Dec 8,100 Balance + Accounts Receivable + Supplies + Equipment + 2,000 2,000 300 300 1,700 1,700 Total Assets = 15,700 Req. 2 Redmon Consulting Income Statement Revenue: Service Revenue $2,500 Expenses: Rent Expense- Rent $500 Utilities Total Expenses 200 700 Net Income $1,800 Req. 3 Redmon Consulting Statement of Owner's Equity Redmon Consulting capital, Dec. 1, 2007 $0 Add: Investment by owner 10,000 Net Income for December 1,800 Less Withdrawls: 11,800 $0 Redmon Consulting capital, Dec. 31, 2007 $11,800 Req. 4 Redmon Consulting Balance Sheet Assets Cash Accounts Recievable Supplies Equipment Furniture $8,100 1,700 300 2,000 3,600 $15,700 Accounts Payable Liabilities Owner's Equ Redmon Consulting, Capital Total Liabilities and Owner's Equi edmon Consulting lysis of Transactions = Liabilities + Owner's Equity Type of Owner's Equity Transaction Furniture = Accounts Payable + Carl Redmon, Capital 10,000 Owner Investment 10,000 (500) Rent Expenses 9,500 = = = 3,600 3,600 = = = = = 3,600 3,600 300 3,900 Dell Computer On Account-Furniture On Account-Supplies 1,700 On Account-Service 11,200 (200) Utility Expenses 11,000 800 Cash Services 11,800 Total Liabilities and Equity =15,700 $2,500 700 $1,800 $0 10,000 1,800 11,800 $0 $11,800 lting et Liabilities s Payable $3,900 Owner's Equity Consulting, Capital bilities and Owner's Equity 11,800 $15,700 Balance Account Title Debit Credit Cash Accounts Receivable Supplies Exploration equipment Computers Accounts payable Note payable Jack Ballard, capital Jack Ballard, withdarwls Service revenue Salary expense Rent expense Advertising expense Utilities expense Total $5,200 2600 600 21300 46,000 2,700 18,300 50,800 5,000 11,800 1,300 850 300 260 $83,150 83,600 ...
View Full Document

Page1 / 7

Week 1 Assignment 1 - P1-42 (60-75 min.) Redmon Consulting...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online