Question

my work Owner's Equity Assets Liab Accts. Accts T. Cotton, Capital 50,000 + + Supp. + Equip. Cash 14,800 + 2,800 + 5,600 + 33,600 6,800 + - 960 Rec. Pay Rev. Exp. +. Balances, May 1 Paid for utilities + 960 13,840+ 2,800 + 5,600 + 33,600 = 6,800 + + 4,960 New balances 50,000 + 960 + 4,960 Sold services for cash New balances 18,800 - 2,000 2,800 + 5,600+ 33,600 6,800 2,000 50,000 + 4,960 960 Paid a creditor New balances 16,800+ 2,800 5,600 + 33,600 - 4,800+ 50,000+ 4,960 - + 2,800 960 + 2,800 Sold services on credit New balances 16,800 + 5,600 5,600 + 33,600 = 8,800 4,800 + 50,000 + 7760 - 960 + 8,800 Paid salaries

Answer 1

Cotton Cleaning Service 7760 Statement of Income For the Month ended 31.5.2016 Service Revenue Less: Utilities Expense 960 Telephone Expense 312 Salaries Expense 8800 Net Loss 10072 -2312 Statement Owner's Equity For the Month ended 31.5.2016 T. Cotton, Capital 50000 Add:Net Loss -2312 47688 T.Cotton, Withdrawals -2800 44888

Amounts in $ Amounts in $ Balance sheet As at 31.5.2016 Assets Current Assets Cash Accounts Receivable Supplies Amounts in $ Amounts in $ Liabilities Current Liabilities 4888 Accounts Payable 5600 5600 16088 4800 Non Current Assets Equipment Total Assets Owner's Equity 33600 T. Cotton, Capital 49688 Total Liabilities & Equity 44888 49688