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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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