accounting 201

Project Description:

on may 1, robert neupert started skyline flying school, a company that provides flying lessons, by investing $45,000 cash in the business. following are the assets and liabilities of the company on may 31, 2012, and the revenues and expenses for the month of may.

cash $6,500
accounts receivable $7,200
equipment $64,000
lesson revenue $8,600
advertising expenses $500
notes payable $30,000
rent expenses $1,200
repair expense $400
fuel expense $2,500
insurance expense $400
accounts payable $800

robert neupert made no additional investments in may, but he withdrew $1,700 in cash for personal use.

a) prepare an income statement and owner’s equity statement for the month of may and a balance sheet at may 31.

b) prepare income statement and owner’s equity statement for may assuming that the data above need to be adjusted for the following items: (1) $900 of revenue was earned and billed but not collected at may 31, and (2) $3,300 of fuel expenses was incurred but not paid.
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