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- Transactions Requirement 1. Classify ead "b" a personal transaction for Jan 4 Jan 5 LA 6 7 10 11 12 4 Gayland Jet , the major shareholder of the company, received $109,000 cash from an inheritance. 5 Jet deposited $51,000 cash in a new business bank account titled Mountain View Estates Ltd. The business issued common shares to Jet. 6 The business paid $1,000 cash for letterhead stationery for the new office. 7 The business purchased office furniture. The company paid cash of $8,000 and agreed to pay the account payable for the remainder $9,000, within three months. 10 Jet sold ABC shares, which he owned for several years, receiving $76,000 cash from his stockbroker 11 Jet deposited the $76,000 cash from the sale of the ABC shares in his personal bank account 12 A representative of a large company telephoned Jet and told him of the company's intention to put a down payment of $15,000 on a lot 18 Jet finished a real estate deal on behalf of a client and submitted his bill for services, S3,500. Jet expects to collect from this client within two weeks. 21 The business paid half its account payable for the furniture purchased on January 7 18 21 25 31 Requirement 3. At the end of the first month of operations, Jet has a number of questions about the financial standing of the business. Explain the following to him: a. How the business can have more cash than retained earnings. The business has sin cash. The cash balance takes into consideration including cash received from the issuance of shares. Share issuances go into the Common Shares account, which he other hand, holds the amounts of the revenues and the expenses, which received or paid in cash. Th and retained earnings. b. How much in total resources the business has, how much it owes, and w all amounts owed to the business business. The business's total resources are s all amounts received from all sources The business owes total liabilities of s Retained Earnings let's ownershin interest in the assets of the business is s Requirement 3. At the end of the first month of operations, Jet has a number of questions about the financial standing of the business. Explain the following to him: a. How the business can have more cash than retained earnings. The business has $ in cash. The cash balance takes into consideration including cash received from the issuance of shares. Share issuances go into the Common Shares account, which Retained Earnings. Retained Earnings, on the other hand, holds the amounts of the revenues and the expenses, which received relationship between cash and retained earnings. b. How much in total resources the business has, how rship interest is in the assets of the business. The business's total resources are $[ has nothing to do with The business owes total liabilities of is part of Jet's ownership interest in the assets of the business is $0. Requirement 3. At the end of the first month of operations, Jet has a number of questions about the financial standing of the business. Explain the following to him: a. How the business can have more cash than retained earnings. The business has $in cash. The cash balance takes into consideration including cash received from the issuance of shares. Share issuances go into the Common Shares account, which Retained Earnings. Retained Earnings, on the other hand, holds the amounts of the revenues and the expenses, which received or paid in cash. Therefore, there relationship between cash and retained earnings. b. How much in total reso uch it owes, and what Jet's ownership interest is in the assets of the business. The business's total resou may be The business owes total li may or may not be Jet's ownership interest in may not be Requirement 3. At the end of the first month of operations, Jet has a number of questions about the financial standing of the business. Explain the following to him: a. How the business can have more cash than retained earnings. The business has $ in cash. The cash balance takes into consideration including cash received from the issuance of shares. Share issuances go into the Common Shares account, which Retained Earnings. Retained Earnings, on the other hand, holds the amounts of the revenues and the expenses, which received or paid in cash. Therefore, there relationship between cash and retained earnings. b. How much in total resources the business has, how much it owes, and what Jet's owne n the assets of the business. The business's total resources are $ is a The business owes total liabilities of SD- Jet's ownership interest in the assets of the business is $ is no