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Apr 3: Received $75,000 cash proceeds from refinancing her house. Assets = Liabilities + Cash + AR + Supplies + Furniture AP
Apr 5: $75,000 of common stock in the business was sold to Julia Judge. The cash proceeds were deposited in a new business ba
Apr 7: Paid $700 cash for office supplies for the new accounting practice. Assets Liabilities + Cash AR + Supplies + Furnitur
Apr 9: Purchased $5,200 of office furniture for the accounting practice and agreed to pay the vendor within three months. Ass
Apr 10. Julia sold 500 shares of Scion stock, which she had owned for several years, receiving $5,000 cash. The cash from the
+ + + Apr 14: A representative of a large company telephoned Julia and told her of the companys intention to hire Judge and
Apr 20: Finished accounting work for a client and sent the client a bill for $3,500. The client is expected to pay within two
Apr 27: Paid office rent, 5700 = Liabilities + Assets + Supplies + Cash + AR Furniture = AP + CS + Stockholders equity Retai
Apr 29: Paid $2,500 on account from the April 9th transaction Assets = Liabilities + Supplies + Furniture = AP Cash + AR - CS
Apr 30: Paid $700 of dividends to shareholders of Judge and Associates, Inc. Assets = Liabilities + + Supplies + Furniture =
Requirement 2. Determine the following items: a Total assets b. C. Total liabilities Total stockholders equity Net income (l
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Answer #1
Cash AR Supplies Furniture AP CS Retained Earnings
Revenue Expenses Dividends
3-Apr
Bal $                     -   $                     -   $                     -   $                     -   $                     -   $                     -   $                     -   $                     -   $                     -  
5-Apr $            75,000 $            75,000
Bal $            75,000 $                     -   $                     -   $                     -   $                     -   $            75,000 $                     -   $                     -   $                     -  
7-Apr $                (700) $                  700
Bal $            74,300 $                     -   $                  700 $                     -   $                     -   $            75,000 $                     -   $                     -   $                     -  
9-Apr $               5,200 $               5,200
Bal $            74,300 $                     -   $                  700 $               5,200 $               5,200 $            75,000 $                     -   $                     -   $                     -  
10-Apr
Bal $            74,300 $                     -   $                  700 $               5,200 $               5,200 $            75,000 $                     -   $                     -   $                     -  
14-Apr
Bal $            74,300 $                     -   $                  700 $               5,200 $               5,200 $            75,000 $                     -   $                     -   $                     -  
20-Apr $               3,500 $               3,500
Bal $            77,800 $                     -   $                  700 $               5,200 $               5,200 $            75,000 $               3,500 $                     -   $                     -  
27-Apr $                (700) $                  700
Bal $            77,100 $                     -   $                  700 $               5,200 $               5,200 $            75,000 $               3,500 $                  700 $                     -  
29-Apr $             (2,500) $             (2,500)
Bal $            74,600 $                     -   $                  700 $               5,200 $               2,700 $            75,000 $               3,500 $                  700 $                     -  
30-Apr $                (700) $                  700
Bal $            73,900 $                     -   $                  700 $              5,200 $              2,700 $            75,000 $              3,500 $                  700 $                  700

No entry is required for Apr 3, 10 and 14 transactions

Total Assets = $79800
Total Liabilities = $2700
Total Stockholder's Equity = $77100
Net Income = $3500-700 = $2800

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