John Thildore of Regina opened Thildore’s Catering Service. As his accountant, analyze the transactions listed below and present the following information in proper form.
1. The analysis of the transactions using the expanded accounting equation
2. A balance sheet showing the financial position of the firm before opening on October 31, 2019
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, 2019
2019
Oct. 25 John Thildore invested $25,000 in the catering business.
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 October 28 transaction.
(You should now prepare your balance sheet as of October 31, 2019.)
Nov. 1 Catered a graduation and immediately 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 November 8 transaction.
15 Paid telephone bill, $50.
17 John paid his home electric bill with a company cheque, $120.
20 Catered a wedding and received cash, $2,500.
25 Bought additional equipment on account, $1,300.
28 Rent expense due but not yet paid, $650.
30 Paid supplies expense, $550.