Jill Martin of Regina opened Martin's Catering Service. As her accountant, analyze the transactions listed below and

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Jill Martin of Regina opened Martin's Catering Service. As her accountant, analyze the transactions listed below and present in proper form:

1. The analysis of the transactions by utilizing the expanded accounting equation

2. A balance sheet showing the position of the firm before opening on November 1, 2016?

3. An income statement for the month of November

4. A statement of owner's equity for November

5. A balance sheet as of November 30, 2016

2016

Oct. 28 Jill Martin invested $8,000 in the catering business from her personal savings account.

....... 29 Bought equipment for cash from Munroe Co., $900.

....... 30 Bought additional equipment on account from Ryan Co., $1,800.

....... 31 Paid $1,000 to Ryan Co. as partial payment of the October 30 transaction.

(You should now prepare your balance sheet as of October 31, 2016.)

Nov. 1 Catered a graduation and immediately collected cash, $2,900.

....... 4 Paid salaries of employees, $720.

....... 8 Prepared desserts for customers on account, $300.

....... 11 Received $100 cash as partial payment of November 8 transaction.

....... 15 Paid telephone bill, $75.

....... 18 Jill paid her home electricity bill from the company's bank account, $90.

....... 19 Catered a wedding and received cash, $1,800.

....... 25 Bought additional equipment on account, $400.

....... 28 Rent expense due but not yet paid, $600.

....... 29 Paid supplies expense, $400?

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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Related Book For  book-img-for-question

College Accounting A Practical Approach

ISBN: 978-0133133233

12th Canadian edition

Authors: Jeffrey Slater, Brian Zwicker

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