Question

Problem 1-6B Analyzing transactions and preparing financial statements LO6,7,8 Lily Coe started a new business on January 1, 2014, called Coe Consulting. She develops financial invest- ment plans for young adults. During the business’s first year of operations, the following activities occurred: a. Coe invested $120,000 cash and office equipment valued at $10,000 in the business. b. Purchased a small building for $240,000 to be used as an office. Paid $50,000 in cash and signed a note payable promising to pay the balance over several years. c. Purchased $18,000 of office equipment for cash. d. Purchased $4,000 of office supplies and $6,400 of office equipment on credit. e. Paid a local newspaper $4,500 for an announcement that the office had opened. f. Completed a financial plan on credit and billed the client $6,000 for the service. g. Designed a financial plan for another client and collected an $8,000 cash fee. h. Coe withdrew $5,500 cash from the company bank account to pay personal expenses. i. Coe signed a $20,000 contract for the office to be painted in February 2015. A deposit of $6,000 will be paid on January 15, 2015. j. Received $4,000 from the client described in (f). k. Paid for the equipment purchased in (d). l. Paid $3,800 cash for the office secretary’s wages.

I have to create a table with the following headings cash, accounts receivable, office supplies, office equipment, building, accounts payable; notes payable, and Lily Coe, capital and explanation of equity transaction column I'm so confused and lost

Answer 1

Transaction / Event	Cash	Accounts Receivable	Office Supplies	Office Equipment	Building	Accounts Payable	Notes Payable	Lily Coe, Capital
a.	120,000			10,000				130,000
b.	- 50,000				240,000		190,000
c.	- 18,000			18,000
d.			4,000	6,400		10,400
e.	- 4,500							- 4,500
f.		6,000						6,000
g.	8,000							8,000
h.	- 5,500							- 5,500
j.	4,000	- 4,000
k.	- 6,400					- 6,400
l	- 3,800							- 3,800
Balances	43,800	2,000	4,000	34,400	240,000	4,000	190,000	130,200