Jerry Trickett, a retired army officer, opened Trickett’s Catering Service. As his accountant, analyze the transactions listed and present them in proper form.
a. The analysis of the transactions by using the expanded accounting equation.
b. A balance sheet showing the financial position of the firm before opening on March 31, 201X.
c. An income statement for the month of April.
d. A statement of owner’s equity for April.
e. A balance sheet as of April 30, 201X.
Mar. 25 Jerry Trickett invested $30,000 in the catering business from his personal savings account.
27 Bought equipment for cash from Lucas Co., $700.
28 Bought additional equipment on account from Gavin Co., $3,000.
29 Paid $1,000 to Gavin Co. as partial payment of the March 28 transaction.
Apr. 1 Catered a graduation and collected cash, $2,500.
5 Paid salaries of employees, $1,500.
8 Prepared desserts for customers on account, $200.
10 Received $100 cash as partial payment of September 8 transaction.
15 Paid telephone bill, $60.
17 Paid his home electric bill from the company’s checkbook, $90.
20 Catered a wedding and received cash, $1,400.
25 Bought additional equipment on account, $900.
28 Rent expense due but unpaid, $900.
30 Paid supplies expense, $250.