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Balance Sheet

Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred.

1. Invested cash in business, $19,000.
2. Bought office supplies for $4,800: $2,000 in cash and $2,800 on account.
3. Paid one-year insurance premium, $1,200.
4. Earned revenues totaling $3,200: $1,200 in cash and $2,000 on account.
5. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,500.
6. Paid office rent for the month, $900.
7. Withdrew cash for personal use, $100.

The effect of each transaction is shown in the individual accounts of the expanded accounting equation.

Assets								=	Liabilities	+	Owner's Equity
(Items Owned)									(Amts. Owed)		(Owner's Investment)				(Earnings)
	Cash	+	Accounts Receivable	+	Office Supplies	+	Prepaid Insurance	=	Accounts Payable	+	J. Pembroke, Capital	-	J. Pembroke, Drawing	+	Revenues	-	Expenses		Description
a.	19,000										19,000
b.	(2,000)				4,800				2,800
c.	(1,200)						1,200
d.	1,200		2,000												3,200				Service fees
e.	(2,500)								(2,500)
f.	(900)																900		Rent expense
g.	(100)												100
Bal.	13,500	+	2,000	+	4,800	+	1,200	=	300	+	19,000	-	100	+	3,200	-	900

The income statement and statement of owner's equity for Jay Pembroke for the month ended April 30, 20-- are shown.

Jay Pembroke Income Statement For Month Ended April 30, 20--
Revenues:
Service fees	$3,200
Expenses:
Rent expense	900
Net income	$2,300

Jay Pembroke Statement of Owners Equity For Month Ended April 30, 20--
Jay Pembroke, capital, April 1, 20--		$ -
Investment during April		19,000
Total investment		$19,000
Net income for April	$2,300
Less withdrawals for April	100
Increase in capital		2,200
Jay Pembroke, capital, April 30, 20--		$21,200

Required:

Use the information to prepare a balance sheet for Jay Pembroke as of April 30, 20--.

Required: Use the information to prepare a balance sheet for Jay Pembroke as of April 30, 20-- Jay Pembroke Balance Sheet April 30, 20-- Assets Liabilities Owner's Equity Total assets $ Total liabilities & owner's equity