Chapter One, P1-42

Chapter One, P1-42 - Expenses: Utilities Expense $200 Total...

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Redmon Consulting Analysis of Transactions Assets = Liabilities + Owner's Equity Cash + + Supplies + Equipment + Furniture = + Carl Redmon, Capital 2-Dec 10,000 10,000 Owner investment Balance 10,000 = 10,000 2-Dec (500) (500) Balance 9,500 = 9,500 3-Dec (2,000) 2,000 Balance 7,500 2,000 = 4-Dec 3,600 3,600 Balance 3,600 = 3,600 5-Dec 300 300 Balance 300 = 3,900 9-Dec 1,700 1,700 Service revenue Balance 1,700 = 11,200 12-Dec (200) (200) Utilities expense Balance 7,300 = 11,000 18-Dec 800 800 Service revenue Balance 8,100 = 11,800 Total Assets= $15,700 Total Liabilites + Equity= $15,700 Type of Owner's Equity Transaction Accounts Receivable Accounts Payable
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Req. 2 Redmon Consulting Income Statement Month Ended December 31, 2007 Revenue: Service Revenue $2,500
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Unformatted text preview: Expenses: Utilities Expense $200 Total Expenses 200 Net income $2,300 Req. 3 Redmon Consulting Statement of Owner's Equity Month Ended December 31, 2007 Redmon Consulting, capital, December 1, 2007 $0 Add: Investment by owner 10,000 Net income for the month 2,300 12,300 Less: Withdrawal by owner $0 Redmon Consulting, capital, December 31, 2007 $12,300 Req. 4 Redmon Consulting Balance Sheet December 31, 2007 Assets Liabilities Cash $8,100 Accounts Payable $3,900 Accounts Receivable 1,700 Supplies 300 Equipment 2,000 Owner's Equity Furniture 3,600 Redmon Consulting 11,800 Total assets $15,700 Total liabilities and owner's equity $15,700...
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This note was uploaded on 06/13/2011 for the course ACC 205 taught by Professor Robertcarr during the Spring '10 term at Ashford University.

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Chapter One, P1-42 - Expenses: Utilities Expense $200 Total...

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