Jerry Trickett, a retired army officer, opened Trickett’s Catering Service. As his accountant, analyze the transactions listed next and present them in proper form.
a. The analysis of the transactions by using the expanded accounting equation.
b. A balance sheet showing the position of the firm before opening for business 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.
201X
Mar. 25 Jerry Trickett invested $45,000 in the catering business from his personal savings account.
27 Bought equipment for cash from Small Co., $1,600.
28 Bought additional equipment on account from Aiden Co., $2,200.
29 Paid $100 to Aiden Co. as partial payment of the March 28 transaction.
(You should now prepare your balance sheet as of March 31, 201X.)
Apr. 1 Catered a graduation and immediately collected cash, $1,900.
5 Paid salaries of employees, $700.
8 Prepared desserts for customers on account, $150.
10 Received $75 cash as partial payment of April 8 transaction.
15 Paid telephone bill, $120.
17 Paid his home electric bill from the company’s checkbook, $80.
20 Catered a wedding and received cash, $2,700.
25 Bought additional equipment on account, $1000.
28 Rent expense due but unpaid, $500.
30 Paid supplies expense, $550.