Fred Jones started The Jones Company ( Company ) , a new business that began

Fantastic news! We've Found the answer you've been seeking!

Question:

Fred Jones started The Jones Company $("$ Company $"),$ a new business that began operations on May $1 .$ TJC completed the following transactions its first month of operations:

May $1$ : Fred Jones invested $ $30, 000$ cash in his Company.

May $3$ : The Company paid $ $1, 500$ cash for office equipment.

May $8$ : The Company performed consulting services for a client and immediately collected $ $12, 000$ in cash.

May $12$ : The Company performed consulting services for a client and immediately billed them $ $6, 000 .$

May $15$ : The Company paid $ $1, 000$ cash for an assistant's salary for the first half of May.

May $20$ : The Company received a $ $3, 000$ cash payment for the services rendered on May $12 .$

May $22$ : The Company performed $ $8, 000$ in consulting services for a client and immediately billed them.

May $24$ : The Company received a $ $4, 000$ cash payment for the services rendered on May $22 .$

May $26$ : The Company purchased $ $4, 000$ in office equipment on account.

May $27$ : The Company paid $ $1, 000$ cash for an assistant's salary for the second half of May.

May $28$ : The Company paid $ $100$ cash for the May telephone bill.

May $29$ : The Company paid $ $400$ cash for the May utility bill.

May $30$ : The Company paid $ $2, 000$ cash for the office equipment purchased on May $26 .$

May $31$ : Fred Jones withdrew $1, 000$ cash from the Company for personal use.

Prepare the following financial statements: Income Statement, Statement of Owner's Equity and Balance Sheet. Also categorize the transactions into the following groups: Cash, accounts receivable, office equipment, accounts payable, owners capital, owner withdrawals, revenues and expenses.