Recitation 1-sols - (20-30 min P 1-28A Req 1 Abraham Woody...

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(20-30 min.) P 1-28A Req. 1 Abraham Woody, CPA Analysis of Transactions ASSETS = LIABILITIES + OWNER’S EQUITY DATE CASH + ACCOUNTS RECEIVABLE + SUPPLIES + OFFICE FURNITURE ACCOUNTS = PAYABLE + ABRAHAM WOODY, CAPITAL TYPE OF OWNER’S EQUITY TRANSACTION Feb. 4* 5 60,000 60,000 Owner investment Bal. 60,000 60,000 6 (300 ) 300 Bal. 59,700 300 60,000 7 ___ 7,000 7,000 ______ Bal. 59,700 300 7,000 7,000 60,000 10* 11* 12* 18 5,000 ___ 5,000 Service revenue Bal. 59,700 5,000 300 7,000 7,000 65,000 25 (1,000 ) ___ (1,000 ) Rent expense Bal. 58,700 5,000 300 7,000 7,000 64,000 28 (3,000 ) ___ (3,000 ) Withdrawal Bal. 55,700 5,000 300 7,000 7,000 61,000 68,000 68,000 __________
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*Not a transaction of the business
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(continued) P 1-28A Req. 2 a. Total assets = $68,000 b. Total liabilities = $ 7,000 c. Total owner’s equity = $61,000 d. Net income for February = $ 4,000 ($5,000 – $1,000)
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(60-75 min.) P 1-29A Req. 1 Best Foot Forward Analysis of Transactions ASSETS = LIABILITIES + OWNER’S EQUITY DATE CASH + ACCOUNTS RECEIVABLE + SUPPLIES + LAND = ACCOUNTS PAYABLE + MARILYN CRONE, CAPITAL TYPE OF OWNER’S EQUITY TRANSACTION Bal. 2,200 1,500 12,000 8,000 7,700 a) 20,000 20,000 Owner investment Bal. 22,200 1,500 12,000 8,000 27,700 b) 700 700 Service revenue Bal. 22,900 1,500 12,000 8,000 28,400 c) (8,000 ) _____ ______ (8,000 ) Bal. 14,900 1,500 12,000 -0- 28,400 d) _____ 1,000 ______ 1,000 Bal. 14,900 1,500 1,000 12,000 1,000 28,400 e) 1,000 (1,000 ) ______ Bal. 15,900 500 1,000 12,000 1,000 28,400 f) 1,000 _____ ______ 1,000 Owner investment Bal. 16,900 500 1,000 12,000 1,000 29,400 g) 3,000 3,000 Service revenue Bal. 16,900 3,500 1,000 12,000 1,000 32,400 h) (900) (900) Rent expense (100 ) ______ (100 )
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