Question

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During the last three months (April, May, and June) of the first fiscal year of operations of My Assistant, a few new types of transactions began to occur. These involve different ways the company is paying for some items, different ways the company is being paid, and the earning of interest. In all cases, keep in mind that economic events need to be reported when they occur when revenues are earned and when expenses are incurred) regardless of when cash is exchanged. Below are summaries of transactions completed during April-June. 1. Paid the social media manager the amount owed from March. 2. Collected $490 of accounts receivable from March. 3. Purchased supplies of $100 on account. 4. Received $3,600 in exchange for completing 240 jobs, less a $180 fee due to PayPal. 5. In April, May, and June completed 140 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $1.500 of accounts receivable from April and May. 7. Purchased and used gas of $740 in order to complete jobs. 8. Paid the newspaper $600 for advertising for April - September. 9. Collected three months' worth of service fees, $174, in advance from a client with a standing appointment. Because the client is paying advance, W.T. offered a discounted rate of $14.50 per job. Services will be provided in June, July, and August 10. Paid the social media manager $530. This amount represented her monthly fee and fee for 230 of the jobs scheduled during April, May, and June. 11. Paid friends $960 to complete 80 jobs during April, May, and June. 12. Paid $75 on accounts payable. 13. Paid a salary of $1,200 to W.1. 14. Repaid W.T.'s aunt $200 of the total amount owed to her. 15. On June 30. purchased $500 of equipment to assist in the completion of jobs. Information for adjusting entries: 16. As of June 30, determined that the social media manager is owed her scheduling fee for 10 jobs scheduled and completed over the last few days of the month. 17. Determined that there are $30 of supplies on hand at June 30. 18. The advance payment for advertising (Event 8) was paid on April 1 and was for advertising beginning that same day. 19. The advance payment received from the client (Event 9) was received on June 1. For this particular client, services are provided equally in each month. 20. Recognized $5 of accrued interest revenue. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity and totals necessary for the balance sheet and statement of cash flow for My Assistant, Inc. for its first fiscal year (July 1 - June 30).

Answer 1

Item	Assets						Liabilities				Stockholder's Equity		Account Files for RE
	Cash	Acct. Rec.	Supp.	Ppd. Ad.	Int. Rec.	Equip.	Fees Pay.	Acct. Pay.	Unearn. Rev.	Notes Pay.	C. Stock	Ret. Earn.
Bal 4/1	$1,507	$490	$15	$0	$0	$0	$25	$0	$0	$200	$100	$1,687
1.	($25)						($25)
2.	$490	($490)
3.			$100					$100
4.	$3,600											$3,600	Service Revenue
4.	($180)											($180)	Collection Fees
5.		$2,100										$2,100	Service Revenue
6.	$1,500	($1,500)
7.	($740)											($740)	Gas Expense
8.	($600)			$600
9.	$174								$174
10.	($530)											($530)	Personal Service Fees
11.	($960)											($960)	Personal Service Fees
12.	($75)							($75)
13.	($1,200)											($1,200)	Salary Expense
14.	($200)									($200)
15.	($500)					$500
16.							$10					($10)	Personal Service Fees
17.			($85)									($85)	Supplies Expense
18.				($300)								($300)	Adverising Fees
19.									($58)			$58	Service Revenue
20.					$5							$5	Interest Revenue
Bal 6/30	$2,261	$600	$30	$300	$5	$500	$10	$25	$116	$0	$100	$3,445

My Assistant ,Inc.
Income Statement
For the Year Ending June 30
Revenue
Service Revenue		$19,468
Interest Revenue		$5
Total Revenues		$19,473
Operating Expenses
Collection Fees		$783
Gas Expense		$2,620
Personal Svc Fees		$7,355
Salary Expense		$3,800
Supplies Expense		$110
Advertising Fees		$1,260
Total Operating Expense		$15,928
Net Operating Income		$3,545

Income Statement Work Paper:
		1st and 2nd Otr	3rd Otr	4th Qtr	Total
Revenues:
Service Revenue		$8,400	$5,310	$5,758	$19,468
Interest Revenue				$5	$5
Operating Expenses:					$0
Collection Fees		$412	$191	$180	$783
Gas Expense		$1,025	$855	$740	$2,620
Personal Svc Fees		$4,560	$1,295	$1,500	$7,355
Salary Expense		$1,400	$1,200	$1,200	$3,800
Supplies Expense		$0	$25	$85	$110
Advertising Fees		$600	$360	$300	$1,260
Total Operating Expense		$7,997	$3,926	$4,005	$15,928
Net Operating Income		$403	$1,384	$1,758	$3,545

My Assistant ,Inc.
Statement of Changes in Stockholder's Equity
For the Year Ending June 30
			Common Stock	Retained Earnings	Total Stockholder's Equity
Beginning Balance			$0	$0	$0
Plus:Issue of common stock			$100		$100
Plus:Net Income for the year				$3,545	$3,545
Less:Dividends paid				($100)	($100)
Ending Balance			$100	$3,445	$3,545

On its Balance sheet for the current year,My Assisstant should report
Total Assets					$3,696
Total Liabilities					$151
Total Stockholder's Equity					$3,545
Total Liabilities and Stockholder's Equity					$3,696

Cash Flows Work Papers : Operating Investing Financing Rec. from issuance of stock $100 Pd. For Rec. from oper. customers expenses $13,220 ($11,913) ($25) $490 Item 7/1 - 3/31 Pd. For Rec. from dividends note pay. ($100)| $500 Repaid note pay. ($300)| No Cash effect 11 $100 $3,600 ($180) $2.100 $1,500 ($740) ($600) $174 ($530) ($960) ($75) ($1,200) (S200) ($500)| 16 17 18 19 $10 (585) ($300) $58 $5 $1,888 201 Totals $18,984 ($16,223) ($500) $100 ($100) $500 ($500) Reconciliation: Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance Ending cash balance $2,761 ($500) $0 $2,261 $0 $2,261 I