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Assignment for Chapter 1

Assignment for Chapter 1 - balance on account 5 Paid...

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ACCT 2111 Introductory Financial Accounting Assignment for Chapter 1 Apollo Bacchus opened a law office, Apollo Bacchus, Attorney at Law, on July1, 2008. On July 31, the balance sheet showed Cash $12,000, Accounts Receivable $4,500, Supplies $1,500, Office Equipment $15,000, Accounts Payable $12,600, and Common Stock $18,000, and Retained Earnings $2,400. During August the following transactions occurred. 1. Collected $4,200 of accounts receivable. 2. Paid $8,100 cash on accounts payable. 3. Earned revenue of $27,000 of which $9,000 is collected in cash and the balance is due in September. 4. Purchased additional office equipment for $3,000, paying $1,200 in cash and the
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Unformatted text preview: balance on account. 5. Paid salaries $9,000, rent for August $2,700, and advertising expenses $1,050. 6. Paid cash dividend of $2,250. 7. Received $6,000 from National Bank - money borrowed on a note payable. 8. Incurred utility expenses for month on account $750. Instructions (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Office Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings (b) Prepare an income statement for August, a retained earnings statement for August, and a balance sheet at August 31....
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