The following are the business transactions of MI Consulting Inc. for the year 2019.

Date	Narration
Jan 1.	Began operations when the business acquired $100,000 cash from the issue of common stock
Jan 5	Bought a photocopier for $2,500, paying cash
February 1	Took a loan from the bank $40,00
February 5	The company entered into an agreement with a real estate company. $12,000 is paid as rent for one year starting from January 2019
February 5	Purchased supplies on account $4,000
February 5	Purchased land for $30,000
March 1	Received a bank loan $70,000
March 10	Bought Office premises $130,000, paying cash
April 5	Revenue earned from providing services $50,000
June 5	Incurred operating expenses on account $4,00
June 10	Bought furniture and paid 5,000
August 10	Salary paid to employees $10,000
August 10	Received revenue from services provided to customers, $18,500.
August 15	Interest paid on Loan $4,000
September 1	Cash dividend paid $5,000
October 10	Paid interest expenses $200
November 10	Bought office equipment $2,000, paying cash
December 31	A physical examination of supplies showed that supplies worth $2,000 is available for future use.

Required

Prepare a statement showing the effect of transactions as a dollar amount on the accounting equation (horizontal statement mode)

Prepare financial statements,

• Income Statement
• Statement of Changes in Stockholders Equity
• Balance Sheet
• Cash Flow Statement

Transcribed Image Text:

Equity Cash flow %23 Asset Liability Income Statement Common Retained Net Cash Land Loan Stock Earnings Revenue Expenses Income Cash flow Туре 3. 4 6. Equity Cash flow %23 Asset Liability Income Statement Common Retained Net Cash Land Loan Stock Earnings Revenue Expenses Income Cash flow Туре 3. 4 6.

Answer rating: 100% (QA)

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