On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts Amounts Accounts payable $10,250 Accounts receivable 45,950 Cash 23,840 Fees earned 64,950 Insurance expense 1,275 Land 85,400 Miscellaneous expense 1,210 Prepaid insurance 3,000 Rent expense 9,000 Salary expense 20,300 Supplies 900 Supplies expense 525 Utilities expense 2,800 Present, in good form:

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Chapter3: Analyzing And Recording Transactions
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Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...
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Prepare a (1) income statement, (2) statement of owners equity, (3) balance sheet of march 31

On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the
various assets, liabilities, revenues, and expenses are as follows:
Accounts
Amounts
Accounts payable
$10,250
Accounts receivable
45,950
Cash
23,840
Fees earned
64,950
Insurance expense
1,275
Land
85,400
Miscellaneous expense
1,210
Prepaid insurance
3,000
Rent expense
9,000
Salary expense
20,300
Supplies
900
Supplies expense
525
Utilities expense
2,800
Present, in good form:
Transcribed Image Text:On March 1, the amount of Richard Cook's capital in Richard's Catering Company was $150,000. During March, he withdrew $31,000 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows: Accounts Amounts Accounts payable $10,250 Accounts receivable 45,950 Cash 23,840 Fees earned 64,950 Insurance expense 1,275 Land 85,400 Miscellaneous expense 1,210 Prepaid insurance 3,000 Rent expense 9,000 Salary expense 20,300 Supplies 900 Supplies expense 525 Utilities expense 2,800 Present, in good form:
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