Question

exercise 3-7 CAN YOU MAKE INCOME STATEMENT ,REATAINED EARNING AND BALANCE SHEET USING BELOW DATA . Nancy Tercek started a delivery service, Bramble Deliveries, on June 1, 2017. The following transactions occurred during the month of June. June 1 Stockholders invested $19,500 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,900. Nancy paid $3,100 cash and signed a note payable for the remaining balance. 3 Paid $700 for office rent for the month. 5 Performed $4,500 of services on account. 9 Declared and paid $200 in cash dividends. 12 Purchased supplies for $300 on account. 15 Received a cash payment of $1,500 for services performed on June 5. 17 Purchased gasoline for $300 on account. 20 Received a cash payment of $1,500 for services performed. 23 Made a cash payment of $500 on the note payable. 26 Paid $100 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $1,000 for employee salaries.

Show the effects of the previous transactions on the accounting equation using the following format. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Answer 1

		Assets							=	Liabilities			+	Retained Earnings
Date		Cash	+	Accounts Receivable	+	Suppplies	+	Equipment	=	Notes Payable	+	Accounts Payable	+	Common Stock	+	Revenues	-	Expenses	-	Dividends
June	1	19,500												19,500
	2	(3,100)						14,900		11,800
	3	(700)																700
	5			4,500												4,500
	9	(200)																		200
	12					300						300
	15	1,500		(1,500)
	17											300						300
	20	1,500														1,500
	23	(500)								(500)
	26	(100)																100
	29	(300)										(300)
	30	(1,000)																1,000
		16,600		3,000		300		14,900		11,300		300		19,500		6,000		2,100		200