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The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this...

The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $75,500 (Transaction 1).

Assets = Liab. + Owner's Equity
Transaction Cash Accts.
Rec.		 Supp. Equip. Accts.
Pay.		 G. Sawyer,
Capital		 Rev. Exp.
1 +75,500 +75,500
2 − 8,900 +8,900
3 +5,900 +5,900
4 +4,380 +4,380
5 −3,850 −3,850
6 + 740 −740
7 −3,100 −3,100
8 −520 +520
Bal 59,870 + 5,160 + 520 + 13,280 = 4,380 + 72,400 + 5,900 − 3,850

Prepare the statement of owner's equity for Sawyer Architecture Services for the month ended June 30, 2019.

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Answer #1
Sawyer Architecture Services
Statement of Owner's Equity
For the month ended June 30, 2019
Greg Sawyer, Capital, June 1, 2019 $75,500
Net income for June                 [Revenue - Expenses = $5,900 - $3,850] $2,050
Less: Withdrawals for June     [Refer transaction 7] ($3,100)
($1,050)
Greg Sawyer, Capital, June 30, 2019           $74,450
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