A. Deposited 21,000 in an account in name of the company
Running Totals:
Cash 21,000
Equity 21,000
B. Paid the current months rent, 1500
Running Totals:
Cash 19,500
Rent Expense 1,500
Equity 21,000
C purchased store equipment on credit, 10800
Running Totals:
Cash 19,500
Equipment 10,800
AP 10,800
Rent Expense 1,500
Equity 21,000
D Purchased framing supplies for cash 5,100
Running Totals:
Cash 14,400
Supplies 5,100
Equipment 10,800
AP 10,800
Rent Expense 1,500
Equity 21,000
E Received framing revenue, 2400
Running Totals:
Cash 16,800
Supplies 5,100
Equipment 10,800
AP 10,800
Framing Revenue 2,400
Rent Expense 1,500
Equity 21,000
F billed customers for services, 2100
Running Totals:
Cash 16,800
AR 2,100
Supplies 5,100
Equipment 10,800
AP 10,800
Framing Revenue 4,500
Rent Expense 1,500
Equity 21,000
G Paid utilities expense, 750
Running Totals:
Cash 16,050
AR 2,100
Supplies 5,100
Equipment 10,800
AP 10,800
Framing Revenue 4,500
Rent Expense 1,500
Utilities Expense 750
Equity 21,000
H Received payment from customer in transaction F 600
Running Totals:
Cash 16,650
AR 1,500
Supplies 5,100
Equipment 10,800
AP 10,800
Framing Revenue 4,500
Rent Expense 1,500
Utilities Expense 750
Equity 21,000
I make payment on store equipment purchased in transaction c 5400
Running Totals:
Cash 11,250
AR 1,500
Supplies 5,100
Equipment 10,800
AP 5,400
Framing Revenue 4,500
Rent Expense 1,500
Utilities Expense 750
Equity 21,000
J withdrew cash for personal expense 1200
Running Totals:
Cash 10,050
AR 1,500
Supplies 5,100
Equipment 10,800
AP 5,400
Framing Revenue 4,500
Rent Expense 1,500
Utilities Expense 750
Drawings 1,200
Capital 21,000
Statements:
Income Statement
Framing Revenue 4,500
Rent Expense 1,500
Utilities Expense 750
NET INCOME = 2,250
Balance Sheet:
Assets:
Cash 10,050
AR 1,500
Supplies 5,100
Equipment 10,800
TOTAL ASSETS = 27,450
Liabilities
AP 5,400
Owner's Equity
Drawings (1,200)
Capital 21,000 + 2,250 = 23,250
Total Liabilities + OE = 27,450
Cash Flow Statement
Operating Activities:
Net Income 2,250
Increase in AR (1,500)
Increase in AP 5,400
Increase in Supplies (5,100)
Cash from operating activities = 1,050
Investing Activities:
Equipment (10,800)
Cash from Investing Activities = (10,800)
Financing Activities:
Increase in Capital 21,000
Less Drawings (1,200)
Cash from Financing Activities = 19,800
Net Cash change/provided during the year = 10,050
Now to check that number:
Cash, beginning of year = 0
Cash, end of year = 10,050
Change in cash during year = 10,050
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