Various transactions of Singh Services Inc. occurred during August 2019, its first month of operations. Click...
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Various transactions of Singh Services Inc. occurred during August 2019, its first month of operations. Click on "Transactions" tab at bottom of this page to view these. Required: 1 On the printed "Worksheet" page, record the information from the "Transactions" page and total of each column at the end of August. 2 On the second part of the "Worksheet" page, prepare an income statement and statement of changes in equity for the month ended August 31, 2019, and a balance sheet at August 31, 2019. Identify the revenue earned as Fees. Record the expenses in alphabetical order. August Transaction Amount Issued common shares for cash 5,000 1 Borrowed cash from the bank 7,000 Paid cash for a used truck 6,000 Paid cash for a one-year truck insurance policy effective August 1 (record as an asset) Collected fees in cash from a client for work to be performed at a later date Billed a client for services performed today Paid cash for supplies purchased and used today 4. 600 5. 5,000 7. 1,000 200 12 Purchased supplies on credit (record as an asset) 100 Collected part of the amount billed August 7 Paid cash for advertising in The News during the first two weeks of August Paid in cash part of the amount owing for supplies purchased on August 12 Paid the following August expenses in cash: 15 400 16 200 20 80 25 Rent 700 Salaries 2,000 Telephone Truck operating Called clients about payment of the balances owing from August 7 Billed a client for services performed today, including $1,500 related to cash received August 5 Transferred August's prepaid expenses to insurance expense Counted supplies and found this amount still on hand (recorded the amount used as an expense). 200 28 500 29 31 5,000 31 60 80 Singh Services Inc. Transactions Worksheet Date Assets Liabilities S/H Equity Comm. Stock + 5,000 Description Аcct. Ppd, + Supp. Unused Bank Acct. Unear. Ret. August Cash Rec. Exp. Truck Loan Pay. 6,000 Rev. 1+ Earn. 1 5,000 7,000 6,000 7,000 4 7. 12 15 16 20 25 28 29 31 31 Totals ASSETS LIAB. + S/H EQUITY Singh Services Inc. Singh Services Inc. Income Statement Balance Sheet For the Month Ended August 31, 2019 At August 31, 2019 Revenue Assets Fees Cash Acct. rec. Expenses Advertising Ppd. exp. Unused supp. Insurance Truck Rent Total assets Salaries Supplies Liabilities Telephone. Bank loan Truck operating Total expenses Net income (loss) Acct. pay. Unearn, rev. Total llabilities Singh Services Inc. Statement of Changes in Equity 1 For the Month Ended August 31, 2019 Stockholders Equity Common stock Retained earn. Total S/H equity Commo Retained Total 23 n stock earnings equity Total liab, and equity 24 Opening balance 25 Stock issued Various transactions of Singh Services Inc. occurred during August 2019, its first month of operations. Click on "Transactions" tab at bottom of this page to view these. Required: 1 On the printed "Worksheet" page, record the information from the "Transactions" page and total of each column at the end of August. 2 On the second part of the "Worksheet" page, prepare an income statement and statement of changes in equity for the month ended August 31, 2019, and a balance sheet at August 31, 2019. Identify the revenue earned as Fees. Record the expenses in alphabetical order. August Transaction Amount Issued common shares for cash 5,000 1 Borrowed cash from the bank 7,000 Paid cash for a used truck 6,000 Paid cash for a one-year truck insurance policy effective August 1 (record as an asset) Collected fees in cash from a client for work to be performed at a later date Billed a client for services performed today Paid cash for supplies purchased and used today 4. 600 5. 5,000 7. 1,000 200 12 Purchased supplies on credit (record as an asset) 100 Collected part of the amount billed August 7 Paid cash for advertising in The News during the first two weeks of August Paid in cash part of the amount owing for supplies purchased on August 12 Paid the following August expenses in cash: 15 400 16 200 20 80 25 Rent 700 Salaries 2,000 Telephone Truck operating Called clients about payment of the balances owing from August 7 Billed a client for services performed today, including $1,500 related to cash received August 5 Transferred August's prepaid expenses to insurance expense Counted supplies and found this amount still on hand (recorded the amount used as an expense). 200 28 500 29 31 5,000 31 60 80 Singh Services Inc. Transactions Worksheet Date Assets Liabilities S/H Equity Comm. Stock + 5,000 Description Аcct. Ppd, + Supp. Unused Bank Acct. Unear. Ret. August Cash Rec. Exp. Truck Loan Pay. 6,000 Rev. 1+ Earn. 1 5,000 7,000 6,000 7,000 4 7. 12 15 16 20 25 28 29 31 31 Totals ASSETS LIAB. + S/H EQUITY Singh Services Inc. Singh Services Inc. Income Statement Balance Sheet For the Month Ended August 31, 2019 At August 31, 2019 Revenue Assets Fees Cash Acct. rec. Expenses Advertising Ppd. exp. Unused supp. Insurance Truck Rent Total assets Salaries Supplies Liabilities Telephone. Bank loan Truck operating Total expenses Net income (loss) Acct. pay. Unearn, rev. Total llabilities Singh Services Inc. Statement of Changes in Equity 1 For the Month Ended August 31, 2019 Stockholders Equity Common stock Retained earn. Total S/H equity Commo Retained Total 23 n stock earnings equity Total liab, and equity 24 Opening balance 25 Stock issued
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Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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