Jan 2 Received $11,000 cash from Ruiz, and issued common stock to him. 2 Paid monthly office rent, $700. 3 Paid cash for a Dell computer, $3,900, with the computer expected to remain in service for five years. 4 Purchased office furniture on account, $4,700, with the furniture projected to last for five years. S Purchased supplies on account, $400. 9 Performed tax services for a client and received cash for the full amount of $1,000. 12 Paid unility expenses, $200. 18 Performed consulting services for a client on account, $1,500. 4 Determine the following: a. Amount of total liabilities recorded in the ledger. b. Amount of total retained earnings recorded in the ledger. 5 Prepare Income Statement for the month of August 31, 2016. 6 Prepare Statement of Owners Equity for the month of August 31, 2016. .7 Prepare Balance Sheet for the month of August 31, 2016.
Jan 2 Received $11,000 cash from Ruiz, and issued common stock to him. 2 Paid monthly office rent, $700. 3 Paid cash for a Dell computer, $3,900, with the computer expected to remain in service for five years. 4 Purchased office furniture on account, $4,700, with the furniture projected to last for five years. S Purchased supplies on account, $400. 9 Performed tax services for a client and received cash for the full amount of $1,000. 12 Paid unility expenses, $200. 18 Performed consulting services for a client on account, $1,500. 4 Determine the following: a. Amount of total liabilities recorded in the ledger. b. Amount of total retained earnings recorded in the ledger. 5 Prepare Income Statement for the month of August 31, 2016. 6 Prepare Statement of Owners Equity for the month of August 31, 2016. .7 Prepare Balance Sheet for the month of August 31, 2016.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 4PB: On July 1, K. Resser opened Ressers Business Services. Ressers accountant listed the following chart...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning