Fred Jones started The Jones Company ( Company ) , a new business that began
Question:
Fred Jones started The Jones Company Company a new business that began operations on May TJC completed the following transactions its first month of operations:
May : Fred Jones invested $ cash in his Company.
May : The Company paid $ cash for office equipment.
May : The Company performed consulting services for a client and immediately collected $ in cash.
May : The Company performed consulting services for a client and immediately billed them $
May : The Company paid $ cash for an assistant's salary for the first half of May.
May : The Company received a $ cash payment for the services rendered on May
May : The Company performed $ in consulting services for a client and immediately billed them.
May : The Company received a $ cash payment for the services rendered on May
May : The Company purchased $ in office equipment on account.
May : The Company paid $ cash for an assistant's salary for the second half of May.
May : The Company paid $ cash for the May telephone bill.
May : The Company paid $ cash for the May utility bill.
May : The Company paid $ cash for the office equipment purchased on May
May : Fred Jones withdrew cash from the Company for personal use.
Prepare the following financial statements: Income Statement, Statement of Owner's Equity and Balance Sheet. Also categorize the transactions into the following groups: Cash, accounts receivable, office equipment, accounts payable, owners capital, owner withdrawals, revenues and expenses.
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta