Question: Double checking work, I am doing something wrong on the equity side Tom Brown started an interior design company called Interiors by Tom, on April
Double checking work, I am doing something wrong on the equity side
Tom Brown started an interior design company called Interiors by Tom, on April xxx The following
amounts summarize the financial position of her business on April xxx after the first two weeks of
operations:
During the remainder of April, the following events occurred:
a Issued common stock to Tom Brown in exchange for $
b Wrote a check for $ to pay rent on the first of April.
c Paid off the beginning balance of Accounts Payable
d Performed services for a client and received cash of $
e Collected cash from a customer on account, $
f Purchased supplies on account, $
g Purchased inventory on account, $
h Consulted on the interior design of a major office building and billed the client for services
performed, $
i Sold an additional $ of common stock in the business
j Incurred and paid salaries of $
k Sold design supplies that originally cost $ to an interior design student for $ cash.
I. Paid dividends of $ to the stockholders of Interiors by Tom, Inc.
m Accrued the utilities of $ for the month of April because the invoice will not arrive until the middle
of May.
n Ending office supplies balance was $ Record the adjusting entry.
Enter the remaining transactions for the month of April into the expanded accounting equation, calculating new balances for each account. Make sure the accounting equation balances.
Prepare a singlestep income statement for Interiors by Tom, Inc., for the month ended April xxx
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