We at Accounting Assignments Help provide Chapter 2 Homework Assignments Help with step by step calculation and explanation 24*7 from our accounting experts.
Problem-2.3A
| Wrigley Home Appraisal Services | |||||
| Assets | Liab. | O/E | |||
| Cash | A/R | Supplies | Equipment | A/P | O/C |
| 100000 | 100000 | ||||
| -20250 | -20250 | ||||
| 15200 | 15200 | ||||
| -12500 | -12500 | ||||
| 25000 | 25000 | ||||
| 9750 | 9750 | ||||
| 7800 | 7800 | ||||
| -6000 | -6000 | ||||
| -5500 | -5500 | ||||
| -7550 | -7550 | ||||
| -12000 | -12000 | ||||
| 84000 | 2300 | -7550 | 15200 | 9200 | 84750 |
| 93950 | 93950 | ||||
Analyze: The ending balance in the Cash account is
| Taylor Equipment Repair Services | |||||
| Balance Sheet | |||||
| 28-Feb-19 | |||||
| Assets | Liabilities | ||||
| Cash | 68,600 | Accounts Payable | 48,000 | ||
| Accounts Receivable | 26,400 | ||||
| Supplies | 12,760 | Owner’s Equity | |||
| Equipment | 156,000 | Taylor’s Capital | Ref | 215,760 | |
| Owner’s Net Worth | Assets | – | Liabilities | = | Owner’s Equity |
| 263,760 | – | 48,000 | = | 215,760 | |
Problem-2.4A
| Cotton Cleaning Services | |
| Income Statement | |
| for Month ended May 31 | |
| Revenue | 7,880 |
| Fees Income | |
| Expenses | |
| Utilities Expense | -980 |
| Salaries Expense | -8,900 |
| Telephone Expense | -314 |
| Total Expenses | -10,194 |
| Net Loss | 10,194 |
| Cotton Cleaning Services | |
| Statement of Owner’s Equity | |
| for Month ended May 31 | |
| Taylor’s, Capital, May 1, 2019 | 50,600 |
| Net Loss for May | 10,194 |
| Less Withdrawal for May | 3,000 |
| Decrease in Capital | |
| Taylor’s, Capital, May 31, 2019 | 50,600 |
| Cotton Cleaning Services | |||
| Balance Sheet | |||
| for Month ended May 31 | |||
| Assets | Liabilities | ||
| Cash | 4,686 | Accounts Payable | 4,900 |
| Accounts Receivable | 5,900 | ||
| Supplies | 5,800 | ||
| Equipment | 33,800 | Taylor’s Capital, May 31, 2019 | 45,286 |
| Total Assets | 50,186 | Total Liabilities and Equity | 50,186 |
The amount of $45,286 (Taylor Cotton, Capital, May 31) was transferred to the balance sheet