Lina Aragon started a new business and completed the following transactions during December Dec I Lina...

 

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Lina Aragon started a new business and completed the following transactions during December Dec I Lina transferred $65,000 cash from a personal savings account to a checking account in the name of Aragon Electric 2. The company rented office space and paid $1,000 cash for December rent 3. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to To pay the $8,200 balance in 30 days. 5. The company purchased office supplies by paying $800 cash 6. The company completed electrical work and immediately collected $1,200 cash for these services 8. The company purchased $2,530 of office equipment on credit 15. The company completed electrical work on credit in the amount of $5,000 18. The company purchased $350 of office supplies on credit 20. The company paid $2,530 cash for the office equipment purchased on December 8 24. The company received $5,000 cash for the work completed on December 15 29. The company paid the assistant's salary of $1,400 cash for this month 30. The company paid $540 cash for this month's utility bill 31. Lina withdrew $950 cash from the company for personal use. REQUIRED a. Analyze the above transaction using an Analysis Table Slow the balance for each transaction b. Prepare i. Statement of Equity ii. Simple Income Statement and iii. Balance Sheet as of end of December Lina Aragon started a new business and completed the following transactions during December Dec I Lina transferred $65,000 cash from a personal savings account to a checking account in the name of Aragon Electric 2. The company rented office space and paid $1,000 cash for December rent 3. The company purchased $13,000 of electrical equipment by paying $4,800 cash and agreeing to To pay the $8,200 balance in 30 days. 5. The company purchased office supplies by paying $800 cash 6. The company completed electrical work and immediately collected $1,200 cash for these services 8. The company purchased $2,530 of office equipment on credit 15. The company completed electrical work on credit in the amount of $5,000 18. The company purchased $350 of office supplies on credit 20. The company paid $2,530 cash for the office equipment purchased on December 8 24. The company received $5,000 cash for the work completed on December 15 29. The company paid the assistant's salary of $1,400 cash for this month 30. The company paid $540 cash for this month's utility bill 31. Lina withdrew $950 cash from the company for personal use. REQUIRED a. Analyze the above transaction using an Analysis Table Slow the balance for each transaction b. Prepare i. Statement of Equity ii. Simple Income Statement and iii. Balance Sheet as of end of December

Answer rating: 100% (QA)

Journal entries Date Account Titles Debit Credit Dec 01 Cash 65000 Lina capital 65000 Dec 02 Rent Ex... View the full answer