Requirements:

Prepare a balance sheet, income statement and change on equity, based on the information provided above.

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Assume that for several years Ahmad Qahtani has operated a part-time consulting business from his home. As of April 1, 2021, Ahmad decided to move to rented quarters and to operate the business on a full-time basis. The business will be known as Ahmad Consulting. During April, Ahmad consulting entered into the following transactions. Debts April The following assets were received from Ahmad Qahtani: Cash $13,100; accounts 1 recevable $3000; supplies" $1400 and office equi equipment 12,500. There were no liabilities received. 1 Paid three months' rent on a lease rental contract $ 4800. 2 Paid the premiums on property and casualty insurance policies $ 1800. 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees $ 5000. 5 Purchased additional office equipment on account from office station Co. $ 2000. 6 Received cash from clients on account $ 1800. 10 Paid cash for newspaper advertisement $ 120. 12 Paid office station Co. for part of the debt incurred on April 5, $ 1200. 12 Recorded services provided on account for the period April 1-12, $ 4200. 14 Paid part-time receptionist for two weeks' salary $750. 17 Recorded cash from cash clients for fees earned during the period April 1-16, $6250. 18 Paid cash for supplies $ 800. 20 Recorded services provided on account for the period April 13-20, $ 2100. 24 Recorded cash from cash clients for fees earned for the period April 17-24, $ 3850. 26 Received cash from clients on account $ 5600. 27 Paid part-time receptionist for two weeks' salary $ 750. 29 Paid telephone bill for April $ 130. 30 Paid electricity bill for April $ 200. 30 Recorded cash from cash clients for fees earned for the period April 25-30, $ 3050. 30 Recorded services provided on account for the remainder of April $ 1500. 30 Ahmad withdrew $ 6000 for personal use. Assume that for several years Ahmad Qahtani has operated a part-time consulting business from his home. As of April 1, 2021, Ahmad decided to move to rented quarters and to operate the business on a full-time basis. The business will be known as Ahmad Consulting. During April, Ahmad consulting entered into the following transactions. Debts April The following assets were received from Ahmad Qahtani: Cash $13,100; accounts 1 recevable $3000; supplies" $1400 and office equi equipment 12,500. There were no liabilities received. 1 Paid three months' rent on a lease rental contract $ 4800. 2 Paid the premiums on property and casualty insurance policies $ 1800. 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees $ 5000. 5 Purchased additional office equipment on account from office station Co. $ 2000. 6 Received cash from clients on account $ 1800. 10 Paid cash for newspaper advertisement $ 120. 12 Paid office station Co. for part of the debt incurred on April 5, $ 1200. 12 Recorded services provided on account for the period April 1-12, $ 4200. 14 Paid part-time receptionist for two weeks' salary $750. 17 Recorded cash from cash clients for fees earned during the period April 1-16, $6250. 18 Paid cash for supplies $ 800. 20 Recorded services provided on account for the period April 13-20, $ 2100. 24 Recorded cash from cash clients for fees earned for the period April 17-24, $ 3850. 26 Received cash from clients on account $ 5600. 27 Paid part-time receptionist for two weeks' salary $ 750. 29 Paid telephone bill for April $ 130. 30 Paid electricity bill for April $ 200. 30 Recorded cash from cash clients for fees earned for the period April 25-30, $ 3050. 30 Recorded services provided on account for the remainder of April $ 1500. 30 Ahmad withdrew $ 6000 for personal use.

Answer rating: 100% (QA)

Answer To analyze the transactions for Ahmad Consulting during April 2021 we need to record each transaction in the accounting equation format Assets ... View the full answer