Requirements: Prepare a balance sheet, income statement and change on equity, based on the information provided above.
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Requirements:
Prepare a balance sheet, income statement and change on equity, based on the information provided above.
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Assume that for several years Ahmad Qahtani has operated a part-time consulting business from his home. As of April 1, 2021, Ahmad decided to move to rented quarters and to operate the business on a full-time basis. The business will be known as Ahmad Consulting. During April, Ahmad consulting entered into the following transactions. Debts April The following assets were received from Ahmad Qahtani: Cash $13,100; accounts 1 recevable $3000; supplies" $1400 and office equi equipment 12,500. There were no liabilities received. 1 Paid three months' rent on a lease rental contract $ 4800. 2 Paid the premiums on property and casualty insurance policies $ 1800. 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees $ 5000. 5 Purchased additional office equipment on account from office station Co. $ 2000. 6 Received cash from clients on account $ 1800. 10 Paid cash for newspaper advertisement $ 120. 12 Paid office station Co. for part of the debt incurred on April 5, $ 1200. 12 Recorded services provided on account for the period April 1-12, $ 4200. 14 Paid part-time receptionist for two weeks' salary $750. 17 Recorded cash from cash clients for fees earned during the period April 1-16, $6250. 18 Paid cash for supplies $ 800. 20 Recorded services provided on account for the period April 13-20, $ 2100. 24 Recorded cash from cash clients for fees earned for the period April 17-24, $ 3850. 26 Received cash from clients on account $ 5600. 27 Paid part-time receptionist for two weeks' salary $ 750. 29 Paid telephone bill for April $ 130. 30 Paid electricity bill for April $ 200. 30 Recorded cash from cash clients for fees earned for the period April 25-30, $ 3050. 30 Recorded services provided on account for the remainder of April $ 1500. 30 Ahmad withdrew $ 6000 for personal use. Assume that for several years Ahmad Qahtani has operated a part-time consulting business from his home. As of April 1, 2021, Ahmad decided to move to rented quarters and to operate the business on a full-time basis. The business will be known as Ahmad Consulting. During April, Ahmad consulting entered into the following transactions. Debts April The following assets were received from Ahmad Qahtani: Cash $13,100; accounts 1 recevable $3000; supplies" $1400 and office equi equipment 12,500. There were no liabilities received. 1 Paid three months' rent on a lease rental contract $ 4800. 2 Paid the premiums on property and casualty insurance policies $ 1800. 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees $ 5000. 5 Purchased additional office equipment on account from office station Co. $ 2000. 6 Received cash from clients on account $ 1800. 10 Paid cash for newspaper advertisement $ 120. 12 Paid office station Co. for part of the debt incurred on April 5, $ 1200. 12 Recorded services provided on account for the period April 1-12, $ 4200. 14 Paid part-time receptionist for two weeks' salary $750. 17 Recorded cash from cash clients for fees earned during the period April 1-16, $6250. 18 Paid cash for supplies $ 800. 20 Recorded services provided on account for the period April 13-20, $ 2100. 24 Recorded cash from cash clients for fees earned for the period April 17-24, $ 3850. 26 Received cash from clients on account $ 5600. 27 Paid part-time receptionist for two weeks' salary $ 750. 29 Paid telephone bill for April $ 130. 30 Paid electricity bill for April $ 200. 30 Recorded cash from cash clients for fees earned for the period April 25-30, $ 3050. 30 Recorded services provided on account for the remainder of April $ 1500. 30 Ahmad withdrew $ 6000 for personal use.
Expert Answer:
Answer rating: 100% (QA)
Answer To analyze the transactions for Ahmad Consulting during April 2021 we need to record each transaction in the accounting equation format Assets ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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