On August 1, Giuseppe Martinez established Martinez Consulting Group. The following transactions were completed during the...

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On August 1, Giuseppe Martinez established Martinez Consulting Group. The following transactions were completed during the month. 1. Invested $25,500 cash, a new computer system and printer with a market value of $2.500 and supplies for an amount of $2,000 to start the business. 2 Purchased equipment for $12,000 on account and $7,000 cash. 3. Paid $1,700 cash for August office rent and $1,300 for utilities. 4. Incurred $1,250 of advertising costs in the El Nuevo Da, on account. 5. Buy $1,500 of office supplies on account. 6. Performed services worth $24,000: $20.000 cash is received from customers, and the balance is billed to customers on account. 7 Paid El Nuevo Da $250 of the amount due in transaction (4). 8 Withdrew $10,000 cash for personal use. 9 Paid $2,500 in insurance for a period of one year. 10 Paid employees' salaries for $6.500. 11 Received $3.500 in cash from customers who have previously been billed in transaction (6). Instructions (a) Prepare a tabular analysis of the transactions using the following table and accounts for Martinez Consulting Group. Check the dollar signs in the first number of each column, in the totals. Verify that assets are equal to the liabilities and equity. Check the double lines in the totals. Value 72 pts. Prepare an Income Statement for the month ended August 31, 2021. Check the dollar sign and the double lines. Value 31 pts. (b) (c) Prepare a Statement of Owner's Equity. Value 30 pts. (d) Prepare a Balance Sheet for August 31, 2021. Value 36 pts. GRADE 72 31 30 36 169 On August 1, Giuseppe Martinez established Martinez Consulting Group. The following transactions were completed during the month. 1. Invested $25,500 cash, a new computer system and printer with a market value of $2.500 and supplies for an amount of $2,000 to start the business. 2 Purchased equipment for $12,000 on account and $7,000 cash. 3. Paid $1,700 cash for August office rent and $1,300 for utilities. 4. Incurred $1,250 of advertising costs in the El Nuevo Da, on account. 5. Buy $1,500 of office supplies on account. 6. Performed services worth $24,000: $20.000 cash is received from customers, and the balance is billed to customers on account. 7 Paid El Nuevo Da $250 of the amount due in transaction (4). 8 Withdrew $10,000 cash for personal use. 9 Paid $2,500 in insurance for a period of one year. 10 Paid employees' salaries for $6.500. 11 Received $3.500 in cash from customers who have previously been billed in transaction (6). Instructions (a) Prepare a tabular analysis of the transactions using the following table and accounts for Martinez Consulting Group. Check the dollar signs in the first number of each column, in the totals. Verify that assets are equal to the liabilities and equity. Check the double lines in the totals. Value 72 pts. Prepare an Income Statement for the month ended August 31, 2021. Check the dollar sign and the double lines. Value 31 pts. (b) (c) Prepare a Statement of Owner's Equity. Value 30 pts. (d) Prepare a Balance Sheet for August 31, 2021. Value 36 pts. GRADE 72 31 30 36 169

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a Tabular analysis of transactions for Martinez Consulting Group Date Account Titles and Explanation ... View the full answer