Homework Answers
Answer- SKYSONG INC.
| ASSETS | LIABILITIES | + | STOCKHOLDERS' EQUITY | |||||||||||||||||||
| S.No. | Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Notes Payable | + | Accounts Payable | + | Common Stock | + | Retained Earnings | + | Revenues | - | Expenses | - | Dividends | |
| July 31 | $5,700 | + | $6,450 | + | $990 | + | $8,950 | = | + | $8,150 | + | $11,850 | + | $2,090 | + | - | - | Beginning Balance | ||||
| Aug.1 | 1,170 | + | -1,170 | + | + | = | + | + | + | + | ||||||||||||
| Aug.4 | -2,730 | + | + | + | = | + | -2,730 | + | + | + | - | - | ||||||||||
| Aug.9 | 3,500 | + | 2,600 | + | + | = | + | + | + | + | 6,100 | - | - | Service Revenue | ||||||||
| Aug.15 | -510 | + | + | + | 4,340 | = | + | 3,830 | + | + | + | - | - | |||||||||
| Aug.19 | -1,410 | + | + | + | = | + | + | + | + | - | 1,410 | - | Salaries Expenses | |||||||||
| -730 | + | + | + | = | + | + | + | + | - | 730 | - | Rent Expenses | ||||||||||
| -340 | + | + | + | = | + | + | + | + | - | 340 | - | Advertisement Expenses | ||||||||||
| Aug.23 | -780 | + | + | + | = | + | + | + | + | - | - | 780 | Dividend Paid | |||||||||
| Aug.26 | 5,700 | + | + | + | = | 5,700 | + | + | + | + | - | - | ||||||||||
| Aug.31 | + | + | + | = | + | 400 | + | + | + | - | 400 | - | Utilities Expenses | |||||||||
| Total | $9,570 | + | $7,880 | + | $990 | + | $13,290 | = | $5,700 | + | $9,650 | + | $11,850 | + | $2,090 | + | $6,100 | - | $2,880 | - | $780 | |
| $31,730 | Total Assets | = | $15,350 | Total Liabilities | + | $16,380 | Stockholders' Equity |
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