Question

Transaction: Total Net Income Total Assets Liabilities Total Equity Total Equity Where can you go to find each of your answers? Income Balance sheet Balance sheet Balance sheet Apr. 1 Richards invests $134,000 cash along with office equipment valued at $35,000 in the company. 0 $ 169,000 $ 0 $ 169,000 Apr. 2 The company prepaid $19,800 cash for twelve months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. 169,000 0 169,000 Apr. 3 The company made credit purchases for $9,800 in office equipment and $5,400 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $9,400 cash. Apr. 9 The company completed a $15,000 project for a client, who must pay within 30 days. Apr. 13 The company paid $15,200 cash to settle the account payable created on April 3. Apr. 19 The company paid $6,720 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Apr. 22 The company received $9,000 cash as partial - I payment for the work completed on April 9. Apr. 25 The company completed work for another client for $5,700 on credit Apr. 28 Richards withdrew $5,700 cash from the company for personal use. Apr. 29 The company purchased $2,400 of additional office supplies on credit. Apr. 30 The company paid $2,300 cash for this month's utility bill.

Answer 1

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Date	Net Income	Total Assets	Total Liabilities	Total Equity
	Income Statement	Balance Sheet	Balance Sheet	Balance Sheet	Reason
1-Apr		169,000.00		169,000.00	Because cash and equipment is invested by the owner to start business. So both assets and equity will increase.
2-Apr		19,800.00			Because prepaid rent is an asset.
3-Apr		15,200.00	15,200.00		Because both equipment and supplies ae purchased on credit. So both assets and liabilities will increase.
6-Apr		9,400.00		9,400.00	Because services are provided in cash. So cash will increase and service revenue will be recorded. So both assets and equity will increase.
9-Apr		15,000.00		15,000.00	Because services are provided on credit. So accounts receivable will increase and service revenue will be recorded. So both assets and equity will increase.
13-Apr		(15,200.00)	(15,200.00)		Because liability for equipment and supplies purchased on credit is paid now. So both assets and liabilities will decrease.
19-Apr		6,720.00			Because prepaid insurance is an asset.
22-Apr		9,000.00			Because partial payment is received for services are provided on credit. So accounts receivable will decrease and cash will increase.
25-Apr		5,700.00		5,700.00	Because services are provided on credit. So accounts receivable will increase and service revenue will be recorded. So both assets and equity will increase.
28-Apr		(5,700.00)		(5,700.00)	Because cash is withdrawn for personal use. So both assets and equity will decrease.
29-Apr		2,400.00	2,400.00		Because supplies ae purchased on credit. So both assets and liabilities will increase.
30-Apr		(2,300.00)		(2,300.00)	Because utilities are paid in cash. This is an expense. So both assets and equity will decrease.