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2:42 PM Thu Jan 30 98% WileyPlus memo.docx Wiley PLUS WileyPLUS: MywileyPLUS Help Contact Us Log Out Weygandt, Accounting Principles, 13e PRINCIPLES OF ACCT ISIT (ACC 114/121) CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Problem 1-02A a,b1-b3 (Video) Michelle Walker opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,300, Accounts Receivable $2,000, Accounts Payable $3,500, and Owner's Capital $10,400. During August, the following transactions occurred. 1. Collected $1,700 of accounts receivable. 2. Paid $2,400 cash on accounts payable. 3. Recognized revenue of $7,300, of which $2,900 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,100, paying $300 in cash and the balance on account. 5. Pald salaries $2,300, rent for August $1,200, and advertising expenses $450. 6. Withdrew $800 in cash for personal use. 7. Received $1,900 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $230. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in As place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item tha 8 for example.) Assets MICHELLE WALKER, ATTORNEY AT LAW Liabilities Notes Accounts Equipment Payable Payable Cash + Accounts Receivable * Supplies + Owner's - Capital Owner Drawin Prepare an income statement for August. MICHELLE WALKER, ATTORNEY AT LAW Income Statement

Answer 1

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Michelle Walker
Answer 1	Assets	=	Liabilities	Equity
Event	Cash	+	Accounts Receivable	+	Supplies	+	Equipment	=	Notes Payable	+	Accounts Payable	+	Owner's Capital	-	Owner's Drawings	+	Revenues	-	Expenses
Opening Balance	5,300.00	+	2,000.00	+	500.00	+	6,100.00	=		+	3,500.00	+	10,400.00	-		+		-
1	1,700.00	+	(1,700.00)	+		+		=		+		+		-		+		-
2	(2,400.00)	+		+		+		=		+	(2,400.00)	+		-		+		-
3	2,900.00	+	4,400.00	+		+		=		+		+		-		+	7,300.00	-
4	(300.00)	+		+		+	2,100.00	=		+	1,800.00	+		-		+		-
5	(3,950.00)	+		+		+		=		+		+		-		+		-	3,950.00
6	(800.00)	+		+		+		=		+		+		-	800.00	+		-
7	1,900.00	+		+		+		=	1,900.00	+		+		-		+		-
8		+		+		+		=		+	230.00	+		-		+		-	230.00
	$   4,350.00	+	$ 4,700.00	+	$ 500.00	+	$ 8,200.00	=	$   1,900.00	+	$ 3,130.00		$ 10,400.00		$ 800.00		$ 7,300.00		$ 4,180.00

Answer 2
Income Statement	Amount $
Revenues	7,300.00
Less: Expenses
Salaries Expense	2,300.00
Rent Expense	1,200.00
Advertising Expense	450.00
Utilities Expense	230.00
Total Expenses	4,180.00
Net Income	3,120.00
Answer 3
Statement of Owner's Equity	Amount $
Opening balance	10,400.00
Add: Net Income	3,120.00
Less: Drawings	800.00
Closing balance	12,720.00
Answer 4
Balance Sheet
Assets	Amount $
Cash	4,350.00
Accounts Receivable	4,700.00
Office Supplies	500.00
Equipment	8,200.00
Total Assets	17,750.00
Liabilities
Notes Payable	1,900.00
Accounts Payable	3,130.00
Total Liabilities	5,030.00
Owner's Equity
Owner's Equity	12,720.00
Total Owner's Equity	12,720.00
Total Liabilities & Owner's Equity	17,750.00