Can someone please help me I have no idea how to do this this is a pracitce exercise and i think if i see someone do it i may understand better...thank you




The accounting balances for John Day, Attorney at law, on April 30,2006 are reflected below in random order:

Cash $6,500 Accounts Receiveable $2,820
Rent Expense 1,100 Advertising Expense 900
Fees Earned 9,500 John day Capital April 1 ?
Salaries Expense 3,000 Machinery 8,500
Accounts payable 3,200 John Day Drawing 1,200

Using the accounting equation form, determine the balance for John Day Capital, April 1, 20x6.

Assets = Liabilities + Owners equity
---------------------------------------------------------------------------------------------------

Cash + Accounts +Machinery = Accounts + John Day - John Day + Revenue - Expenses
Recievable Payable Capital Drawing

_____+__________+________=_________+_________-________+________-_________


Let John Day, Capital=X. Solving for x:

=

=

=

John Day, Capital, April 1,20x6, =__________________

Advertising Expense ________________

Rent Expense ________________

Salaries Expense ________________

Total Expenses _________________