Question

EXERCISES: SET B Visit the book's companion website at www.wiley.com/college/weygandt, and choose the Student Companion site, to access Exercise Set B. PROBLEMS: SET A P1-1A Barone's Repair Shop was started on May 1 by Nancy Barone. A summary of May An transactions is presented below. 1. Invested $10,000 cash to start the repair shop. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in the Beacon News on account. 6. Received $5,100 in cash from customers for repair service. 7. Withdrew $1,000 cash for personal use. 8. Paid part-time employee salaries $2,000. 9. Paid utility bills $140. 10. Provided repair service on account to customers $750. 11. Collected cash of $120 for services billed in transaction (10). Instructions (a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payablo, N. Barone, Capital: N. Barone, Drawings: Revenues, and Expenses, the not income or net loss for May. (b)

Kindly make a Tabular analysis. (Without Debit and Credit columns. Just

   like this.) Regards.

Answer 1

= + Assets Accounts + Receivable Liabilities Account Payable Equity N. Barone, | + Revenues Drawings Cash Supplies + Equipment = N. Barone, Capital 10000 Expenses + + 5000 + 10000 -5000 400 -500 + 400 + + 250 + 1+1+1+1+ + + + + - - - + 5100 + 1000 5100 -1000 -2000 -140 + 2000 140 + 10 + 750 120 -120 + 11 Totals 6180 630 5000 10000 1000 5850 2790