Question

Wk. 2- Apply: Connect Exercise (due Mon) Seved Required information [The following information applies to the questions displayed below.) The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below. Part 1 of 3 -@- Cash Accounts Receivable Office Equipment points 20,350 Fees Income 990 Rent Expense 3,990 Utilities Expense Salaries Expense 2,900 22,730 390 Supplies Accounts Payable Kelly Connor, Capital Kelly Connor, Drawing -B- The following transactions occurred during the month of November a. Collected $490 from credit customers. b. Issued a check for $820 for November's rent. c. Paid $1,600 for salaries. d. The owner withdrew $700 in cash for personal expenses. e. Issued a check for $305 to pay the monthly utility bill. f. Received $2,800 in cash for services performed. g. Purchased office equipment for $1.490 on credit

Answer 1

Paw Print Pet Sitters Journal Enteries Trans. Particulars a. Cash a/c Dr. To Accounts Receivable (Cash from debtors) Debit in $ Credit in $ 490 490 b. Dr. 820 Rent Expense a/c To Cash (Rent expense paid) 820 Adjusted Trial Balance For The period ending 30.11.2019 Particulars Cash Accounts Receivable Supplies Office Equipment Accounts Payable Kelly Connor, Capital Kelly Connor, Drawing Fees Income Rent Expense Salaries Expense Utility Expense Totals Debit in $ Credit in $ 20215 500 390 5390 4390 22730 700 2800 820 1600 305 2992029920 Dr. Salaries Expense a/c To Cash (Salaries paid) 1600 d. Kelly Connor, Drawing a/c Dr. To Cash (Cash withdrawn for personal use) 700 Dr. Utility Expense a/c To Cash (Utility expense paid) 305 f. 2800 Cash a/c Dr. To Fees Income (Sevices performed for cash) 2800 1490 Office Equipment a/c Dr. To Accounts Payable (Office equipment purchased) 1490

Amounts Amounts Balance sheet As at 30.11.2019 Assets Current Assets Cash Accounts Receivable Supplies Amounts Amounts Liabilities Current Liabilities 20215 Accounts Payable 500 21105 4390 Non Current Assets Office Equipment Total Assets Owner's Equity 5390 Kelly Connor, Capital 26495 Total Liabilities & equity 22105 26495 2800 Statement of Income For The period ending 30.11.2019 Fees Income Less: Rent Expense 820 Salaries Expense 1600 Utility Expense 305 Net Income 2725 22730 Statement of Owner's Equity For The period ending 30.11.2019 Kelly Connor, Capital Net Income 75 22805 Kelly Connor, Drawing -700 22105