Patron Week1 Lab 2

Patron Week1 Lab 2 - Problems Group B (20-30 min.) P 1-1B...

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Problems Group B (20-30 min.) P 1-1B Req. 1 Jerry Ford, Attorney Analysis of Transactions ASSET S = LIABILITIES + OWNER’S EQUITY DATE CASH + ACCOUNTS RECEIVABLE + SUPPLI ES + OFFICE FURNITURE ACCO UNTS = PAYA BLE + JERRY FORD, CAPITAL TYPE OF OWNER’S EQUITY TRANSACTIO N Feb. 4* 5 80,000 80,000 Owner investment Bal. 80,000 80,000 6 (300 ) 300 Bal. 79,700 300 80,000 7 ___ 7,000 7,000 ______ Bal. 79,700 300 7,000 7,000 80,000 10* 11* 12* 18 5,000 ___ 5,000 Service revenue Bal. 79,700 5,000 300 7,000 7,000 85,000
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25 (1,000 ) ___ (1,000 ) Rent expense Bal. 78,700 5,000 300 7,000 7,000 84,000 28 (10,000 ) ___ (10,000 ) Withdrawal Bal. 68,700 5,000 300 7,000 7,000 74,000 81,000 81,000 __________ *Not a transaction of the business
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(continued) P 1-1B Req. 2 a. Total assets = $81,000 b. Total liabilities = $ 7,000 c. Total owner’s equity = $74,000 d. Net income for February = $ 4,000 ($5,000 – $1,000)
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(60-75 min.) P 1-2B Req. 1 Enchanting Designs Analysis of Transactions ASSET S = LIABILITIES + OWNER’S EQUITY DATE CASH + ACCOUNTS RECEIVABLE + SUP PLIE S + LAND = AC CO UN TS PA YA BL E + MONICA BASS, CAPITAL TYPE OF OWNER’S EQUITY TRANSACTIO N Bal. 2,250 1,500 12,000 8, 000 7,750 a) 20,000 20,000 Owner investment Bal. 22,250 1,500 12,000 8 ,00 0 27,750 b) 700 700 Service revenue Bal. 22,950 1,500 12,000 8, 000 28,450
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(8,000 ) _____ ______ (8, 000 ) Bal. 14,950 1,500 12,000 -0 - 28,450 d) _____ 1,0 00 ______ 1,0 00 Bal. 14,950 1,500 1,0 00 12,000 1 ,00 0 28,450 e) 1,000 (1,000 ) ______ Bal. 15,950 500 1, 000 12,000 1, 000 28,450 f) 1,000 _____ ______ 1,000 Owner investment Bal. 16,950 500 1,0 00 12,000 1, 000 29,450 g) 2,400 2,400 Service revenue Bal. 16,950 2,900 1,0 00 12,000 1 ,00 0 31,850 h) (900) (900) Rent expense (100 ) ______ (100 ) Advertising expense Bal. 15,950 2,900 1,0 00 12,000 1, 000 30,850
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Patron Week1 Lab 2 - Problems Group B (20-30 min.) P 1-1B...

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