need to know how to work a problem in priniples of accounting

    Juanita Pierre opened a law office, on July 1, 2012, On Luly 31, the balance sheet showed Cash $5,000, Accounts Receivalbe $1,500,, Suplies $500, Equipment %6,000, Accounts Payable$4,200,and Owner's Capital $8,800. During August, the following transactins occurred.
    1-Collected $1,200 of accounts receivable.2-Paid $2,800 cash on accounts payable.
    3-Earned revenue of $7,500 of which $3,000i is collected in cash and the balance is due in September.4-Purchased additional office equipment for $2,000,paying $400 in cash and the balance on account.5-Paid salaries $2,500,rent for August $900, and advertising expenses $400. 6-Withdrew $700 in cash for personal use. 7-Received $2,000from standard Federal Bank-money borrowed on a note payable.8-Incurred utility exenses for month on account $270.Instructions(a)Prepare a tabular analysis of the August transactions beginnning with July 31 balances. The column headings should be as follows Cash+Accounts Receivable+Supplies+Equipment=Notes Payable+Accounts Payable+Owner's Capital-Owner's Drawings+Revenues-Expenses.(b)Prepare an income statement for August, an owner's equity statement for August, and a balance sheet at August 31.

    0  Views: 972 Answers: 1 Posted: 12 years ago

    1 Answer

    Get busy on this Lisa404.  This isn't something you haven't at least been exposed to at this point.  Take each transaction separately, and get a new total each time there is activity.  Use your book to help you with the reports.  I'm gonna work on it, just to see if I can still do this kind of accounting.  I'll check back with you to see how much you have done and where you actually need help.


    Top contributors in Uncategorized category

    Answers: 18061 / Questions: 154
    Karma: 1101K
    Answers: 47271 / Questions: 115
    Karma: 953K
    country bumpkin
    Answers: 11322 / Questions: 160
    Karma: 838K
    Answers: 2392 / Questions: 30
    Karma: 760K
    > Top contributors chart

    Unanswered Questions

    taxi coimbatore number
    Answers: 0 Views: 3 Rating: 0
    Answers: 0 Views: 6 Rating: 0
    Top Gia Lai
    Answers: 0 Views: 3 Rating: 0
    > More questions...