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Problem 1-7A

# Problem 1-7A - MatthewMcCoy Problem17A Cash...

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Matthew McCoy Problem 1-7A Assets   =  Liabilities   +   Equity Accounts Office  Accounts H. Graham, H. Graham, Cash + Receivable + Equipment = Payable + Capital - Withdrawals + Revenues - Expenses \$43,000  \$43,000  (\$2,200) (\$2,200) \$1,940  \$1,940  (\$750) (\$750) \$5,800  \$5,800  \$2,800  \$2,800  (\$850) (\$850) \$2,800  (\$2,800) \$4,000  \$4,000  \$4,000  (\$4,000) (\$1,940) (\$1,940) \$85  (\$85) (\$850) (\$850) (\$400) (\$400) (\$260) (\$260) (\$2,000) (\$2,000) Balance= \$46,350 \$1,940  \$85  \$43,000  (\$2,000) \$12,600  (\$5,395) \$48,290                              = \$48,290

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The Graham Co. Income Statement           For Month Ended May 31, 2009 Revenues    Total revenues …………………………………………………………………………………………………….                         \$12,600 Expenses    Rent expense……………………………………………………………………………………………………….\$ 2,200    Cleaning expense………………………………………………………………………………………………..\$     750    Salaries expense………………………………………………………………………………………………….\$ 1,700    Advertising expense……………………………………………………………………………………………\$       85    Telephone expense…………………………………………………………………………………………….\$     400
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