An analysis of transactions for Star & Co. for July 2024 was presented in E1.13. Data from
Question:
An analysis of transactions for Star & Co. for July 2024 was presented in E1.13.
Data from Exercise 13
A tabular summary of the transactions for Star & Co., an accounting firm, for its first month of operations, July 2024, follows:
Instructions
Prepare an income statement and statement of owner’s equity for July and a balance sheet at July 31.
Transcribed Image Text:
Accounts Prepaid Cash + Receivable + Insurance + Equipment 1 $18,000 2 -4,000 3 -750 4 3,500 5 -2,000 6 -3,300 7 -800 8 1,350 9 -2,700 10 $4,800 -1,350 $750 $6,000 8,000 = Accounts B. Star, B. Star, Payable + Capital Drawings + Revenues - $24,000 $4,000 -2,000 420 -3,300 $8,300 Expenses -$800 Rent -2,700 Salaries -420 Utilities
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Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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