Use the 30 transactions from the company MHV:

1 $200 Meeting dinner

2 Transfer $500 from saving account to the cash account for cover operational expenses

3 $2,000 in employee salaries

4 $100 gas for vehicle

5 $200 for employee salaries

6 $3,000 payment received from customer

7 $30 purchase of office supplies

8 $45 payment made to supplier

9 $60 toll recharge

10 $2,000 payment received from customer

11 Transfer $300 from saving account to the cash account for cover operational expenses

12 $60 payment for legal fees

13 $100 purchase of office supplies

14 $$150 Pay a master of ceremony operator of one day of work.

15 $11,000 payment received from customer

16 $45 payment made to supplier

17 $ 30 in toll recharge

18 $3,000 payment received from customer

19 $100 gas for vehicule

20 An CPA was hired under a contract with no fringe benefits for a temp job. The contract so far has been paid for only $1,200.

21 $800 rent

22 $60 toll recharge

23 $300 Meeting dinner

24 $2,000 in employee salaries

25 A payment of $250 was done to pay power, water, internet and communications.

26 $100 payment made to supplier

27 $60 payment for legal fees

28 $100 gas for vehicle

29 $1,000 to buy a new computer for the company

30 $1,000 payment received from customer

Develop the Financial Accounts summary for ASEST, LIABILITY, EQUITY, EXPENSE, And INCOME. All transactions should be posted with the T# reference.

Prepare the Financial Statement of Balance Sheet and Income Statement Determine if the ASSET, LIABILITY, and EQUITY are balanced and if the company has a profit or a loss. Add conclusions for each step.

Answer rating: 100% (QA)

Before we proceed its important to clarify some points about financial accounting An asset is something of value that a company owns or controls A lia... View the full answer