Showing the effects of the previous transactions on the accounting equation:-
Sunland Consulting
Worksheet
For the Month of May
Date | Assets | = | Liabilities | + | Owner's | Equity | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May | Cash | + | A/R | + | Supplies | + | Equipment | = | A/P | + | N/P | + | Capital | - | Drawings | + | Revenue | - | Expenses | Explanation |
1 | $7,800 | + | + | + | = | + | + | $7,800 | - | + | - | |||||||||
2 | (850) | + | + | + | = | + | + | - | + | - | $850 | Rent Expense | ||||||||
3 | + | + | $600 | + | = | $600 | + | + | - | + | - | |||||||||
5 | (110) | + | + | + | = | + | + | - | + | - | 110 | Advertising Expense | ||||||||
9 | 4,400 | + | + | + | = | + | + | - | + | $4,400 | - | |||||||||
12 | (1,100) | + | + | + | = | + | + | - | $1,100 | + | - | |||||||||
15 | + | $5,100 | + | + | = | + | + | - | + | 5,100 | - | |||||||||
17 | (2,600) | + | + | + | = | + | + | - | + | - | 2,600 | Salaries Expense | ||||||||
20 | (400) | + | + | + | = | (400) | + | + | - | + | - | |||||||||
23 | 3,600 | + | (3,600) | + | + | = | + | + | - | + | - | |||||||||
26 | 4,700 | + | + | + | = | + | $4,700 | + | - | + | - | |||||||||
29 | + | + | + | $4,400 | = | 4,400 | + | + | - | + | - | |||||||||
30 | (300) | + | + | + | = | + | + | - | + | - | 300 | Utilities Expense | ||||||||
Bal. | $15,140 | + | $1,500 | + | $600 | + | $4,400 | = | $4,600 | + | $4,700 | + | $7,800 | - | $1,100 | + | $9,500 | - | $3,860 | |
Preparing Financial Statements:-
Sunland Consulting
Income Statement
For the Month Ended May 31,2020
Accounts | Amount | Amount |
---|---|---|
Service Revenue | $9,500 | |
Less:- Expenses | ||
Rent Expense | $850 | |
Advertising Expense | 110 | |
Salaries Expense | 2,600 | |
Utilities Expense | 300 | |
Total Expenses | $(3,860) | |
Net Income | $5,640 | |
Sunland Consulting
Statement of Owner's Equity
For the Month Ended May 31,2020
Accounts | Amount |
---|---|
Owner's Capital, May 1 | $7,800 |
Add:- Net Income | 5,640 |
$13,440 | |
Less:- Drawings | (1,100) |
Owner's Capital, May 31 | $12,340 |
Sunland Consulting
Balance Sheet
May 31,2020
Accounts | Amount | Amount |
---|---|---|
Assets:- | ||
Cash | $15,140 | |
Accounts Receivable | 1,500 | |
Supplies | 600 | |
Equipment | 4,400 | |
Total Assets | $21,640 | |
Liabilities and Owner's Equity:- | ||
Liabilities:- | ||
Accounts Payable | $4,600 | |
Notes Payable | 4,700 | |
Total Liabilities | $9,300 | |
Owner's Equity:- | ||
Owner's Capital, May 31 | $12,340 | |
Total Owner's Equity | $12,340 | |
Total Liabilities and Owner's Equity | $21,640 | |
Preparing Bank Statement:-
Sunland Consulting
Bank Statement
For the Month of May
Date | Description | Debit | Credit | Balance |
---|---|---|---|---|
May 1 | Invested in Business | $7,800 | $7,800 | |
2 | paid Rent Expense | $850 | $6,950 | |
5 | Paid Advertising Expense | 110 | $6,840 | |
9 | Received Cash for Service Performed | 4,400 | $11,240 | |
12 | Withdrew for Personal use | 1,100 | $10,140 | |
17 | Paid Salaries to Employees | 2,600 | $7,540 | |
20 | Paid Accounts Payable | 400 | $7,140 | |
23 | Collection from Accounts | 3,600 | $10,740 | |
26 | Borrowed from Bank | 4,700 | $15,440 | |
30 | Paid Utilities | 300 | $15,140 | |
Balance at the end of Month | $15,140 | |||
please i need you guys to do the income statement and bank statement for me signment...
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