Paul Sangha began Sangha Consulting on May 1, 2023 and reported the items below at May...

 

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Paul Sangha began Sangha Consulting on May 1, 2023 and reported the items below at May 31, 2023. Match each numbered item with the part of the balance sheet on which it should be presented. If the item does not appear on the balance sheet, choose (d) and identify on which financial statement(s) the item would appear. a. Asset b. Liability c. Equity d. Does not appear on the balance sheet 1. Loss 2. Rent expense I $? 22 3. Rent payable 4. Accounts receivable 5. Paul Sangha's investments in May 6. Interest income 7. Paul Sangha, capital, May 1, 2023 8. Repair supplies 9. Notes payable 10. Paul Sangha's withdrawals in May 11. Truck 12. Consulting revenue 13. Paul Sangha, capital, May 31, 2023 14. Cash 6 14 30 2 0 5 25 5 15 18 2 20 Using information above and prepare an income statement and statement of changes in equity for the month ended May 31, 2023, and a balance sheet at May 31, 2023. Paul Sangha began Sangha Consulting on May 1, 2023 and reported the items below at May 31, 2023. Match each numbered item with the part of the balance sheet on which it should be presented. If the item does not appear on the balance sheet, choose (d) and identify on which financial statement(s) the item would appear. a. Asset b. Liability c. Equity d. Does not appear on the balance sheet 1. Loss 2. Rent expense I $? 22 3. Rent payable 4. Accounts receivable 5. Paul Sangha's investments in May 6. Interest income 7. Paul Sangha, capital, May 1, 2023 8. Repair supplies 9. Notes payable 10. Paul Sangha's withdrawals in May 11. Truck 12. Consulting revenue 13. Paul Sangha, capital, May 31, 2023 14. Cash 6 14 30 2 0 5 25 5 15 18 2 20 Using information above and prepare an income statement and statement of changes in equity for the month ended May 31, 2023, and a balance sheet at May 31, 2023.

Answer rating: 100% (QA)

To match the numbered items with the appropriate part of the balance sheet or identify if they belon... View the full answer