Question

LUS, S50/ Wert. Wir im Take a retired army officer, opened Tricker's Catering Service Ashes tant, analye the transactions listed and present them in proper form. The analysis of the transactions by using the expanded accounting equation A balance sheet showing the financial position of the firm before opening on or JI, NOIX. An income statement for the month of November A statement of owner's equity for November. A balance sheer as of November 30, 201X. 2018 Oct. 25 Trickett invested 522,000 in the catering business from his personal savings account. 27 Bought equipment for cash from Codair Co., 5700. 28 Bought additional equipment on account from Keegan Co., 52,100. 29 Pald $800 to Keegan Co. as partial payment of the October 28 transaction (You should now prepare your balance sheet as of October 31, 201X Nov. 1 Catered a graduation and collected cash, $2,000. 5 Paid salaries of employees, $1,500. 8 Prepared desserts for customers on account, $150. 10 Received $100 cash as partial payment of November 8 transaction. 15 Paid telephone bill, 550.

Answer 1

Accounting Equation Assets Accounts Receivable Owner's Equity Jim Trickett, capital - Cash Net Income - Expenses + Liabilities Accounts Payable + Jim Trickett, Withdrawls Revenues = Office Equipment Net Income 22000 22000 -700 700 2100 -800 20500 2100 -800 1300 1300 + 0 + 2800 = + 22000 - 0 - 0 = 2800 22000 41 1) 42 43 Particu 44 Date 45 46 25-Oct 47 27-Oct 48 28-Oct 49 29-Oct 50 31-Oct 51 1-Nov 52 1-Nov 53 5-Nov 54 8-Nov 55 10-Nov 56 15-Nov 57 17-Nov 58 20-Nov 59 25-Nov 60 28-Nov 61 30-Nov 62 30-Nov 63 20500 2000 - 1500 2000 1500 2000 -1500 150 150 150 -100 -50 100 -50 -400 1000 400 1000 1000 400 400 550 550 250 -250 21400 -550 -250 800 + 50 + 3200 = 2250 + 22000 - 400 3150 - 2350 =

67 b) Balance Sheet As on October 31, 201X Assets Cash Accounts Receivable Equipment Total Assets 20500 2800 23300 Liabilities & Owner's Equity Accounts Payable Jim Trickett, capital Total Liabilities & Owner's Equity 1300 22000 23300 8 8 8 RANGERREPRŠE E 3 : 2 8 8 8 8 8 6 80 C) Income Statement For the month of November Revenues Less Expenses Net Income 83 3150 -2350 800 84 86 d) Statement of Owner's Equity For the month of November Jim Trickett, Capital Add Net Income Jim Trickett, Withdrawls Jim Trickett, Ending Capital 22000 800 -400 22400

Balance Sheet As on November 30, 2018 Assets Cash Accounts Receivable Equipment Total Assets 21400 50 3200 24650 Liabilities & Owner's Equity Accounts Payable Jim Trickett, capital Total Liabilities & Owner's Equity 103 2250 22400 24650 104 105