Question: Can someone please help with the balance sheet and summarizing the transactions a-k. Thank you in advance. Ps for the balance sheet the totals should




Can someone please help with the balance sheet and summarizing the transactions a-k. Thank you in advance. Ps for the balance sheet the totals should be $20,930
Part 2: Transaction Analysis Pets Plus is a brand-new pet care company. Analyze each January 2022 transaction for Pets Plus in the form of the accounting equation. If a transaction does not need to be recorded in the accounting records, write "Not an accounting event". The first transaction has been completed for you as an example. a) The owner of Pets Plus contributed $5,000 in exchange for common stock. b) Pets Plus ordered $520 of cleaning supplies on account. The supplier billed Pets Plus. c) Pets Plus borrowed $15,000 from Bank of Kansas City. d) Billy reaches out to Pets Plus to inquire about its dog sitting services. Pets Plus schedules a tour for Billy for next Friday. f) Pets Plus paid $1,200 in January salaries to its employees. g) Pets Plus purchased new computer equipment. The equipment cost $630 and was purchased using cash. h) Pets Plus made its first payment of $1,400 to the bank for the note signed in (c) above. Ignore interest for this transaction. i) Pets Plus paid $9,500 to purchase additional land next to its building, offering an outdoor play area for pets. j) Pets Plus paid $590 for operating expenses. k) Pets Plus paid a $900 dividend to its owner. Summarize transactions a-k in the table below, then calculate the ending balances by summing each column. Part 3: Preparinga Balance Sheet Use the Pets Plus transactions in Part 2 to prepare a balance sheet for Pets Plus as of January 31,2022 . (Hint: Your balance sheet totals should be $20,930.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
