John Thildore, a retired army officer, opened Thildore's Catering Service. As his accountant, analyze the transactions listed and present them in proper form.
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 October 31, 201X.
c. An income statement for the month of November.
d. A statement of owner's equity for November.
e. A balance sheet as of November 30, 201X.
201X
Oct. 25 John Thildore invested $25,000 in the catering business from his personal savings account.
27 Bought equipment for cash from Small Co., $1,200.
28 Bought additional equipment on account from Ryan Co., $800.
29 Paid $400 to Ryan Co. as partial payment of the Oct. 28 transaction.
(You should now prepare your balance sheet as of October 31, 201X.)
Nov. 1 Catered a graduation and collected cash, $2,200.
5 Paid salaries of employees, $550.
8 Prepared desserts for customers on account, $250.
10 Received $80 cash as partial payment of Nov. 8 transaction.
15 Paid telephone bill, $50.
17 Paid his home electric bill from the company's checkbook, $120.
20 Catered a wedding and received cash, $2,500.
25 Bought additional equipment on account, $1,300.
28 Rent expense due but unpaid, $650.
30 Paid supplies expense, $550.