Question

HW - Saved - X Samuel Agada Help Tell me 0 Share File Home Insert Draw Page Layout Formulas Data Review View El Conditional Formatting Arial B V woa. % Number A A Alignment Format as Table Cells Editing Paste Cell Styles Clipboard Styles D8 - 1 X $ Supplies 5 LUCKY MEDICAL 6 TRANSACTIONS FOR DECEMBER Accounts Receivable Blandin Capital Cash 8 Transaction Description Accounts Payable Supplies - • Revenues - Expenses 10 al Beginning Balances input for you 14,500 2.200 3,000 13.900 12 D. Purchased supplies on account. 51.100 14 c) Billed customer for services of $6,000 to 15 be paid by the customers next month 16 17 d. Payment of $1,500 to creditors owed 18 in the beginning balance a) above 20 e). Owner withdrew of $3,000 for personal use 21 Thint take it out of the capital account) 23 24 Received $3,000 cash due from the customer billed in transaction c) above 25 26 al Received bill and paid $2,000 for month's rent 28 h) Paid $1,650 wages to part-time help (wage 29 expense) 30 31 g) Received and paid for the current 32 month's utility bill of $350 Balance 36 Required 1) Analyze the affect of the above transactions on the accounting equation for Lucky Medical Show each tranaction on the 37 above schedule, totalling the ending balances for each account (column) to make sure that the equation is in balance 38 39 2) After you have finished analysing the affect of each transaction, create an income statement, statement of owner's equity and a 40 balance sheet using the results of your analysis. You may use the attached forms. Make sure to use proper headings 41 All of the above transactions took place in December 42 WNB665

Answer 1

Lucky Medicals
Transaction for December
Transaction Description	Cash ($)	Accounts Receivable ($)	Supplies ($)	=	Accounts Payable ($)	Capital ($)	(+) Revenue ($)	(-) Expenses ($)
a) beginning balance	14500	2200	200	=	3000	13900
b) purchased supplies on account			1100	=	1100
c) billed customer for service to be paid next month		6000		=			6000
d) payment to creditor	-1500			=	-1500
e) owner's withdrawal	-3000			=		-3000
f) received cash from customer billed in transaction c	3000	-3000		=
g) rent expense paid	-2000			=				-2000
h) wages paid	-1650			=				-1650
i) uitility bill paid	-350			=				-350
total balance	9000	5200	1300	=	2600	10900	6000	-4000

income statement

Lucky Medicals
Income Statement
For month ended Dec 31, xxxx	Amount ($)
revenue	6000
less:expenses
rent expense	-2000
wages paid	-1650
utility bills	-350
net income	2000

owners equity

Lucky Medicals
Statement of owners equity
For month ended Dec 31, xxxx	Amount ($)
beginning capital	13900
add:net income	2000
less:drawings	-3000
ending balance	12900

balance sheet

	Lucky Medicals
	Balance Sheet
	As of Dec 31,xxxx
Assets	Amount ($)	Liabilities	Amount ($)
cash	9000	accounts payable	2600
accounts receivable	5200	owners equity
supplies	1300	ending capital	12900
Total assets	15500	Total liabilities and equity	15500