Help me solve and understand P3 -3A questions

23 Received a cash payment of $1,200 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $2,000 paying $200 in cash and the balance on account. 30 ~=Paid $180 for utilities. Instructions (a) Show the effects of the previous transactions on the accounting equation using the (a) Cash following format. Assume the note payable is to be repaid within the year. Total assets Stockholders' Assets = ities + Equity Accounts Notes Accounts Common Retained Earnings $18, $23, Date Cash + Receivable + Supplies + Equipment = Payable + Payable + Stock + Revenues Expenses Dividends Include margin explanations for any changes in Retained Earnings. (b) Prepare an income statement for the month of May 2017. (b) Net income (c) Prepare a classified balance sheet at May 31, 2017. $2, P3-3A Bindy Crawford created a corporation providing legal services, Bindy Crawford Analyze transactions and pre Inc., on July 1, 2017. On July 31 the balance sheet showed Cash $4,000, Accounts Re- 47 income statement, retaine ceivable $2,500, Supplies $500, Equipment $5,000, Accounts Payable $4,200, Common = earnings statement, and bala Stock $6,200, and Retained Earnings $1,600. During August, the following transactions s##et. occurred. (LO 1, 2), aP Aug. 1 Collected $1,100 of accounts receivable due from customers. GS ao 4 G = Paid $2,700 cash for accounts payable due. a 9 Performed services worth $5,400, of which $3,600 is collected in cash and J the balance is due in September. 15 Purchased additional office equipment for $4,000, paying $700 in cash and the balance on account. 19 Paid salaries $1,400, rent for August $700, and advertising expenses $350. 23 Paid a cash dividend of $700. 26 Borrowed $5,000 from American Federal Bank; the money was borrowed ona 4-month note payable. 31 Incurred utility expenses for the month on account $380. J 3 The Accounting Information System Instructions Cash $7,150 (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column heading should be Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings + Revenues Expenses Dividends. Include margin explanations for any changes in Retained Earnings. Net income $2,570 (b) Prepare an income statement for August, a retained earnings statement for August, Ret. earnings $3,470 and a classified balance sheet at August 31. nalize a series of P3-4A Bradley's Miniature Golf and Driving Range Inc. was opened on March | by Bob sactions. Dean. These selected events and transactions occurred during March. HAP Mar. 1 Stockholders invested $50,000 cash in the business in exchange for common stock of the corporation. 3 Purchased Snead's Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Record this in a single entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,200 cash. 6 Paid cash $2,400 for a 1-year insurance policy. 10 Purchased golf clubs and other equipment for $5,500 from Tahoe Company, payable in 30 days. 18 Received golf fees of $1,600 in cash from customers for golf services performed. 19 Sold 100 coupon books for $25 each in cash. Each book contains 10 cou- pons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.) 25 Paid a $500 cash dividend. 30 Paid salaries of $800. 30 Paid Tahoe Company in full for equipment purchased on March 10. 31 Received $900 in cash from customers for golf services performed. The company uses these accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Divi- dends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Instructions Journalize the March transactions, including explanations. Bradley's records golf fees as service revenue. nalize transactions, post, P3-5A Ayala Architects incorporated as licensed architects on April 1, 2017. During the prepare a trial balance. first month of the operation of the business, these events and transactions occurred: 14,8), AP Apr. 1 Stockholders invested $18,000 cash in exchange for common stock of the 9 corporation. 1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly. 2 Paid office rent for the month $900. 3 Purchased architectural supplies on account from Burmingham Company $1,300. 10 Completed blueprints on a carport and billed client $1,900 for services. 11. Received $700 cash advance from M. Jason to design a new home. 20 Received $2,800 cash for services completed and delivered to S. Melvin. 30 Paid secretary-receptionist for the month $1,500