From the following information, please prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for the month of May of the current year.
Cash
|
$12,000
|
|
Accounts Receivable
|
16,000
|
|
Supplies
|
350
|
|
Equipment
|
16,500
|
|
Notes Payable
|
|
$13,000
|
Accounts Payable
|
|
12,000
|
S. Jones, Capital
|
|
18,000
|
S. Jones, Drawing
|
550
|
|
Service Revenue
|
|
6,000
|
Telephone Expense
|
350
|
|
Rent Expense
|
1,100
|
|
Advertising Expense
|
2,150
|
|
|
$49,000
|
$49,000
|
Week 2 I Do ACC310 Week 2 Week 2 "I Do" Example DebitCreditCategoryFinancial Statement Cash$9,000AssetBalance Sheet Accounts Receivable4,000AssetBalance Sheet Notes Receivable3,000AssetBalance Sheet Vehicles25,000AssetBalance Sheet Accounts Payable$6,000LiabilityBalance Sheet Salaries Payable2,000LiabilityBalance Sheet S. Jones, Capital28,000EquityStatement of OE S. Jones, Drawing500EquityStatement of OE Service Revenue12,000RevenueIncome Statement Salary Expense3000ExpensesIncome Statement Supply Expense2,000ExpensesIncome Statement Rent Expense1,500ExpensesIncome Statement $48,000$48,000 Income Statement Revenues: Service Revenue$ 12,000.00 Expenses: Salary Expense3000 Supply Expense2,000 Rent Expense1,500 Total Expense 6,500 Net Income5,500Revenue minus Expenses Statement of Owners Equity: Beginning Equity28,000 New Equity0 Withdrawls-500 Net Income5,500 Ending Equity Balance33,000 Balance Sheet: Assets: Cash$9,000 Accounts Receivable4,000 Notes Receivable3,000 Vehicles25,000 Total Asset41,000 Liabilities: Accounts Payable$6,000 Salaries Payable2,000 Total Liabilities8,000 Owners Equity:28,000 Total Liabilites+ Equity36,000 Week 2 We Do ACC310 Week 2 Week 2 "We Do" Example Categories DebitCreditCategoriesFinancial StatementAsset ' Cash20,000AssetBalance SheetLiabi Inventory12,000AssetBalance SheetEquity Equipment7,000AssetBalance SheetRevenue Building95,000AssetBalance SheetExpense Accounts Payable9,200LiabilityBalance Sheet Mortgage Payable80,000LiabilityBalance Sheet S. Jones, Capital41,000EquityStatement of OE S. Jones, Drawing3,000EquityStatement of OE Sales Revenue10,000RevenueIncome Statement Salary Expense1,000ExpenseIncome Statement Supply Expense1,500ExpenseIncome Statement Uthility Expense700ExpenseIncome Statement 140,200140,200 Income Statement Revenues: Sales Revenue $ 10,000.00 Expenses: Salary1,000 Supplies1,500 Utilities700 Total Expense 3,200 Net Income6,800 Statement of Owners Equity: Beginning Equity41,000 New Equity0 Withdrawls-3000 Net Income6,800 Ending Equity Balance44,800 Balance Sheet: Assets: Cash20,000 Inventory12,000 Equipment7,000 Building95,000 Total Asset134,000 Liabilities: Accounts Payable9,200 Mortgage Payable80,000 Total Liabilities89,200 Owners Equity:44,800 Total Liabilites+ Equity134,000 Week 2 You Do IP2 Template ACC310 Week 2 IP 2 Submission Template DebitCredit Cash$12,000 Accounts Receivable16,000 Supplies350 Equipment16,500 Notes Payable$13,000 Accounts Payable12,000 S. Jones, Capital18,000 S. Jones, Drawing550 Service Revenue6,000 Telephone Expense350 Rent Expense1,100 Advertising Expense2,150 $49,000$49,000 Income Statement Revenues: Expenses: Total Expense 0 Net Income0 Statement of Owners Equity: Beginning Equity New Equity Withdrawls Net Income Ending Equity Balance Balance Sheet: Assets: Total Asset0 Liabilities: Total Liabilities0 Owners Equity: Total Liabilites+ Equity0 Sheet1 https://coloradotech.zoom.us/j/95033865949