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In: Accounting

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following...

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:

  1. Andrea invested $13,600 cash in the business.
  2. Andrea contributed $21,000 of photography equipment to the business.
  3. The company paid $2,200 cash for an insurance policy covering the next 24 months.
  4. The company received $5,800 cash for services provided during January.
  5. The company purchased $6,300 of office equipment on credit.
  6. The company provided $2,850 of services to customers on account.
  7. The company paid cash of $1,600 for monthly rent.
  8. The company paid $3,200 on the office equipment purchased in transaction #5 above.
  9. Paid $285 cash for January utilities.

Based on this information, the balance in the A. Apple, Capital account reported on the Statement of Owner's Equity at the end of the month would be:

  • $31,865.

  • $32,350.

  • $41,365.

  • $40,400.

  • $32,800.

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Expert Solution

The answer has been presented in the supporting sheets. The answer has been solved with detailed explanation and formulas. For detailed answers refer to the supporting sheet.

ekkarill92 answered 2 years ago
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