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Question # 1-1A

a)

Tabular Summary of the Transactions

Assets

Liabilities

(Holly
Palmer
s
Capital)

Remarks

10,000

10,000

Investment

10,000

10,000

(400)

(400)

Rent
Expense

Transactions

Cash
April 1

Owners
Equity

Accounts
Receivable

Supplies

Office
Equipme
nt

Accounts
Payable

Notes
Payable

Balance(2)
9,600
Balance(3)

2500

9,600

( 2,500)
9,600
Balance(4)

7,100

2500

300
(300)

7,100
Balance(5)

600

2500

300

9,300

(600)

Purchase of
Office
Equipment
Advertising
Expense
(Incurreed)
Supply
Expense

9,300
6,500
Balance(6)

6,500

600

2500

300

1,000

1,000

Service
revenue

6,500
7,500
Balance(7)

16,800
6,500

600

2500

300

(200)

(200)

7,300
Balance(8)

300
6,500

600

2500

(300)

(300)

7,000
Balance(9)

16,600
16,600

6,500

600

2,500

(2,200)

(2,200)

Balance(10)

4,800

6,500

600

2,500

14,400

Balance

4,800

6,500

600

2,500

14,400

Personal
Use
Expense
Paid
Incurred

Paid
Employees

Ending

b) Holly Palmer
Matrix Travel Agency

Income Statement
For the month ended April

Particulars

Revenue:
Service Revenue
Expenses:
Rent Expense
Paid Chicago
Paid Employees

$.7,500

$400
300
2,200
2,900

Total Expense

Net Income

4,600

Question # 1-1B
A) Tabular Analysis for the Transactions

Assets

Liabilities

Transactions

Cash

Accounts
Receivable

Supplies

Office
Equipment

Accounts
Payable

Owners
Equity
(Mandy
Arnold,
Capital)

Remarks

10000

Investment

Notes
Payable

May 1,2005

10000

Balance(1)

10000
(5000)

5000

10000

Balance(2)

5000
(400)

5000

1000
(400)

Balance(3)

4600
(500)

500

5000

9600

Balance(3)

4100

500

5000

250

9600
(250)

Paid
Incurred

Balance(4)

4100
3100

500

5000

250

9350
3100

Service
revenue

Balance(5)

7200
(1000)

500

5000

250

12450
(1000)

Drawings

Balance(6)

6200
(1000)

500

5000

250

11450
(1000)

Paid E/S

Balance(7)

5200
(140)

500

5000

250

10450
(140)

Paid U/E

Balance(8)

5060

850

500

5000

250

10310
850

Service
Revenue

Balance(9)

5060
120

850
(120)

500

5000

250

11,160

Balance

5180

730

500

5000

250

11160

Rent office

B) Jane McInnes
Repair Shop
Income Statement
For the month of May 2005
Particulars

Services:
3950
Service revenue
Expense:
Salary
Rent
Advertising Expense
Utility expense
Total Expense

1000
400
250
140
1790

Net Income
2160

Question # 1-2A
Tabular Analysis for the Transactions

Assets

Liabilities

Transactions
Cash

Accounts
Receivable

July 31,2010

4000

Balance(1)

Notes
Payable

Owners
Equity
(Mandy
Arnold,
Capital)

Remarks

Investment

Supplies

Office
Equipment

Accounts
Payable

1500

500

5000

4200

6800

4000
1400

1500
(1400)

500

5000

4200

6800

Balance(2)

5400
(2700)

100

500

5000

4200
(2700)

6800

Balance(2)

2700
3000

100
4500

500

5000

1500

6800
7500

Balance(3)

5700
(400)

4600

500

5000
1000

1500
600

14300

Balance(4)

5300
(4250)

4600

500

6000

2100

14300
(3000)
(900)
(350)

Balance(5)

1050
(550)

4600

500

6000

2100

10050
(550)

Balance(6)

500
2000

4600

500

6000

2100

2000

9500

Balance(7)

2500

4600

500

6000

2100
250

2000

9500
(250)

Balance

2500

4600

500

6000

2350

2000

9250

Service
Revenue

Salary
Rent
A/E
Drawings

U/E

Mandy Arnold
Attorney at Law
Income Statement
For the month of August 2010
Particulars
Services:

$
7500

Service revenue
Expense:
Salary
Rent
Advertising Expense
Utility expense

3000
900
350
250

Total Expense

4500

Net Income
3000

Mandy Arnold
Attorney at Law
Balance Sheet
For the month of August 31,2010
Particulars

Assets:
Cash
A/R
O/E
Supplies

2500
4600
6000
500

Total Assets

13600

Liabilities:
A/P
N/P

2350
500

Total Liabilities

4350

Owners Equity

9250

Total Liabilities & Owners Equity

13600

Question # 1-2B
Tabular Analysis for the Transactions
Liabilities

Assets
Transactions

Aug 31

Cash

Accounts
Receivable

Supplie
s

Office
Equipment

Accounts
Payable

9000

1700

600

6000

3600

1700

600

6000

9000
(2900
)
6100

1700

600

13700`

Investment

13700

Paid

Notes
Payable

3600

6000

700

13700

2100

5300

1700

1300

(1300)

6600

400

600

8100

700

13700

1300
13700
600

8100

2000

3800

6300

9100
600

8100

2000

Drawings

(600)

(600)

8500

19400

(2900
)
5,600

5600

4200

4200

600

600

4200

600

4200

600

10000
15600

Service
Revenue

20000
4200

Balance

Remarks

(2900)

(800)

2500

Owners
Equity

8100

2000

(1700)

S/E

2000

(900)
16500

170

(170)

R/E
U/E
Incurred

8100

8100

2170

10000

16330

Patricia Perez
Vateraniary Business
Income Statement
For the month of AUG
Particulars

Services:
7600
Service revenue
Expense:
S/E
rent
A/E
Utility expense
Total Expense

1700
900
300
170
3070

Net Income
3230

Question # 1-4A
Tabular Analysis for the Transactions

Assets

Liabilities

Transaction
s
Cash

Accounts
Receivable

Supplie
s

Office
Equipment

Accounts
Payable

Owners
Equity
(Laura
Steinr,
Capital)

Remarks

Notes
Payable

May 1,2005

8000

8000

Investment

Balance(1)

8000
(800)

8000
(800)

Paid rent

Balance(2)

7,200

500

500

7200

Balance(2)

7200
(50)

500

500

7,200
(50)

Paid A/E

Balance(3)

7,150
3,000

500

500

7,150
3,000

Service
Revenue

Balance(4)

10150
(700)

500

500

10,150
(700)

Balance(5)

9450

3300

500

500

9450
3,300

Service
revenue

Balance(6)

9,450
(3000
)

3,300

500

500

12,750
(3,000)

Paid E/S

Balance(7)

6,450
(500)

3,300

500

500
(500)

9,750

Paid

Balance(8)

5950
2000

3,300
(2000)

500

Balance(9)

7,950
5000

1,300

500

Balance(10)

12950

1300

500

2400

2400

5000

9750

Balance(11)

12950
(150)

1300

500

2400

2400

5000

9750
(150)

Balance

12,80
0

1300

500

2400

2400

5000

9600

9750
5000

9750

BORROW

U/E

L.Steiner
Own Counsulting Firm
Income Statement
For the month of May 2005
Particulars

Services:
6300
Service revenue
Expense:
Salary
Rent
Advertising Expense
Utility expense

3000
800
50
150

Total Expense

4000

Net Income
2300

L.Steiner
Own Counsulting Firm
Balance Sheet
For the month of August 31,2010
Particulars

Assets:
Cash
A/R
O/E
Supplies

12800
1300
2400
500

Total Assets

17000

Liabilities:
A/P

2400

N/P

5000
7400
9600

Total Liabilities

17000

Owners Equity

Question # 1-4B
Tabular Analysis for the Transactions

Assets

Liabilities

Transactions

Cash

Accounts
Receivable

Supplies

Office
Equipment

Accounts
Payable

Owners
Equity
(Pat
Donahue,
Capital)

Remarks

10000

Investment

Notes
Payable

June 1

10000

10000
(2000)

10000

8000

10000

8000
(500)

10000

8000

10000
(500)

O/R

7500

2400

10000

8000

9500
2400

Service
Revenue

7500
(200)

2400

10000

8000

11900
(200)

Drawings

12

7300

2400

10000
150

150

8000

11700

Drawings

15

7300
750

2400
(750)

10150

150

8000

11700

17

8050

1650

10150

150
100

8000

11700
(100)

Gas
Incurred

20

8050
1500

1650

10150

250

8000

11600
1500

Service
Revenue

23

9550
(500)

1650

10150

250

8000
(500)

13100

26

9050
(250)

1650

10150

250

7500

13100
(250)

29

8800
(100)

1650

10150

250
(100)

7500

12850

30

8700
(1000)

1650

10150

150

7500

12850
(1000)

Balance

7700

1650

10150

150

7500

11850

Pat Donahue
Delivary Business
Income Statement
For the month of AUG
Particulars

Services:
3900
Service revenue
Expense:
O/R
P/G
E/S
Utility expense
Total Expense

500
100
1000
250
1850

Net Income
2050

U/E

E/S

Jennifer Garner
Cosmetic Business
Income Statement
For the month of June
Particulars

Services:
5500
Service revenue
Expense:
Salary
G&O/E
Advertising Expense
Utility expense

1600
800
500
300
2200

Total Expense
Net Income

2300

Jennifer Garner
Cosmetic Business
Owners Equity Statement
For the month of june
Particulars
Investment

$
26200

Adding:
Net Income
Particulars
Assets:
Less:
Cash
A/R
Drawings
O/E
Supplies

2300
$
10000
4000
1700
25000
2000

Total Assets
Liabilities:
Owners Equity
A/P
N/P

41000
600

26800
13000
1200

Total Liabilities

14200

Owners Equity

26800

Total Liabilities & Owners Equity

41000

Jennifer Garner
Cosmetic Business
Balance Sheet
For the month of june