Daiyi Gong started a renovation company called Reno by Daiyi, Inc. on November 1, 2013. The following amounts summarize the financial position of her business on November 14, 2013, after the first two weeks of operations:
During the remainder of November, the following events occurred:
a. Gong received $6,900 as a gift and used it to buy 3,000 shares in the business.
b. Paid off the beginning balance of Accounts Payable.
c. Performed services for a client and received cash of $1,500.
d. Collected cash from a customer on account, $850.
e. Purchased supplies on account, $400.
f. Consulted on the renovation of a major office building and billed the client for services performed, $9,000.
g. Sold an additional 2,200 shares for $5,500 in the business.
h. Paid salaries of $2,550.
i. Sold supplies at cost to a renovation company for $250 cash.
j. Paid dividends of $1,200 to Gong.
1. Enter the remaining transactions for the month of November into the expanded accounting equation, calculating new balances after each transaction.
2. Prepare the income statement of Reno by Daiyi, Inc. for the month ended November 30, 2013.
3. Prepare the statement of retained earnings of Reno by Daiyi, Inc. for the month ended November 30, 2013.
4. Prepare the balance sheet for Reno by Daiyi, Inc. at November 30, 2013.

  • CreatedJuly 08, 2015
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