Jerry Trickett, a retired army officer, opened Tricketts Catering Service. As his accountant, analyze the transactions listed
Question:
a. The analysis of the transactions by using the expanded accounting equation.
b. A balance sheet showing the financial position of the firm before opening on March 31, 201X.
c. An income statement for the month of April.
d. A statement of owner’s equity for April.
e. A balance sheet as of April 30, 201X.
201X
Mar. 25 Jerry Trickett invested $30,000 in the catering business from his personal savings account.
27 Bought equipment for cash from Lucas Co., $700.
28 Bought additional equipment on account from Gavin Co., $3,000.
29 Paid $1,000 to Gavin Co. as partial payment of the March 28 transaction.
Apr. 1 Catered a graduation and collected cash, $2,500.
5 Paid salaries of employees, $1,500.
8 Prepared desserts for customers on account, $200.
10 Received $100 cash as partial payment of September 8 transaction.
15 Paid telephone bill, $60.
17 Paid his home electric bill from the company’s checkbook, $90.
20 Catered a wedding and received cash, $1,400.
25 Bought additional equipment on account, $900.
28 Rent expense due but unpaid, $900.
30 Paid supplies expense, $250.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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