Homework 4 (1)

Homework 4 (1) - Cal Poly Pomona FMA 224 Financial...

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Cal Poly Pomona FMA 224 Financial Accounting Transactional Accounting Homework #4 DUE: Thursday, February 03, 2011 Clive Owens, an accounting firm, recorded the following transactions in the month of December 31, 2010: 12/31/2010 12/1/2010 1.) Cash for starting up the business $47,102. 47102 2.) Bought Office Equipment for $28,507 on account from AEC. 28507 3.) Purchased Office Supplies of $2,130 for cash. 2130 4.) Acquired a laptop computer for $3,289 on account from Comp, USA. 3289 5.) Paid $15,648 in salaries to staff. 15648 8697 6.) Received an electric bill for $924. 924 7.) Earned professional fees of $65,000, of which $35,000 was received in cash 65000 and $30,000 was owed by client - www. D.O.N.T.E.V.E.R.Payontime.com 35000 30000 8.) Paid Comp USA $3,289 on computer purchase. 3289 9.) Owner withdrew $6,500 from the business for personal use. 6500 10.) Received $15,000 from Client - www. D.O.N.T.E.V.E.R.Payontime.com. 15000 11.) Rent expense $7,500 to the Irvine Company. 7500 12.) Office Supplies on hand at the end of the month was $600. 600 1530 13.) Paid AEC $28,507 for Office Equipment. 28507 Instructions: (1). Trial Balance; (2). Income Statement; (3). Changes in Owner's Equity; (4). Balance Sheet; (5). Statement of Cash Flows. (6). Statement of Retain Earnings. At the bottom of this worksheet, there are additional tabs and materials for you to use on this problem.
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Clive Owens Assets = Liabilities + Capital Trans Office Office Accounts = Accounts + Owner's # Cash Computer Equipment Supplies Receivable (AR) Payable (AP) Equity 1.) $47,102 $47,102 Capital Investment Balance: $47,102 $47,102 2.) $28,507 $28,507 Office Equipment Balance: $28,507 $28,507 3.) -$2,130 $2,130 Office Supplies Balance: $44,972 $2,130 4.) $3,289
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Homework 4 (1) - Cal Poly Pomona FMA 224 Financial...

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