Question

In: Accounting

The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this...

The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $67,500 (Transaction 1).

Assets = Liab. + Owner's Equity
Transaction Cash Accts.
Rec.
Supp. Equip. Accts.
Pay.
G. Sawyer,
Capital
Rev. Exp.
1 +67,500 +67,500
2 − 7,300 +7,300
3 +4,300 +4,300
4 +2,780 +2,780
5 −3,050 −3,050
6 + 580 −580
7 −1,500 −1,500
8 −360 +360
Bal 55,870 + 3,720 + 360 + 10,080 = 2,780 + 66,000 + 4,300 3,050

Prepare the statement of owner's equity for Sawyer Architecture Services for the month ended June 30, 2019.

SAWYER ARCHITECTURE SERVICES
Statement of Owner's Equity
Month Ended June 30, 2019
0
$0

Solutions

Expert Solution

STATEMENT OF OWNER'S EQUITY
Greg Sawyer, Capital, June 1, 2019 $       67,500
Add: Net income for June [4300-3050] $        1,250
Less: Drawings during June $        1,500
Decrease in capital $           -250
Greg Sawyer, Capital, June 30, 2019 $       67,250

Related Solutions

The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $68,000 (Transaction 1).
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $68,000 (Transaction 1).Assets=Liab.+Owner's EquityTransactionCashAccts.Rec.Supp.Equip.Accts.Pay.G. Sawyer,CapitalRev.Exp.1+68,000+68,0002− 7,400+7,4003+4,400+4,4004+2,880+2,8805−3,100−3,1006+ 590−5907−1,600−1,6008−370+370Bal56,120+3,810+370+10,280=2,880+66,400+4,400−3,100Prepare the statement of owner's equity for Sawyer Architecture Services for the month ended June 30, 2019.SAWYER ARCHITECTURE SERVICESStatement of Owner's EquityMonth Ended June 30, 20190$0
Write the journal entries in the given table for below transactions of Clean Corporation during June...
Write the journal entries in the given table for below transactions of Clean Corporation during June 2020. 1 Purchased inventory from suppliers on account for $500. 2 Purchased new office car using 2 year Note Payable for $50,000. 3 Paid rent for the company office for $12,000. 4 Paid for inventory purchased in transaction 1. 5 Sold on account to customers for $600.
Write the journal entries in the given table for below transactions of Brave Corporation during June...
Write the journal entries in the given table for below transactions of Brave Corporation during June 2020. 1 Paid electricity bill for $125. 2 Sold products to customers on credit for $530. 3 New shares were issued for $ 12,000. 4 Purchased equipment on account for $3,500. 5 Customers in transaction 2 paid their due in full.
Sylvia Sweet opened Sweet Angels, Inc. on June 1, 2020. During June, the following transactions were...
Sylvia Sweet opened Sweet Angels, Inc. on June 1, 2020. During June, the following transactions were completed: June 1 Issued 5,000 shares of Cleaning Angels common stock for $13,000. Each share has a $1.00 par.        2 Borrowed $7,500 on a 2-year, 8% note payable.        2 Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment).        2 Paid $250...
Sylvia Sweet opened Sweet Angels, Inc. on June 1, 2020. During June, the following transactions were...
Sylvia Sweet opened Sweet Angels, Inc. on June 1, 2020. During June, the following transactions were completed: June 1 Issued 5,000 shares of Cleaning Angels common stock for $13,000. Each share has a $1.00 par.        2 Borrowed $7,500 on a 2-year, 8% note payable.        2 Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment).        2 Paid $250...
The table below shows a series of market transactions in the life of an automobile. Transaction...
The table below shows a series of market transactions in the life of an automobile. Transaction Time Frame Cost Parts sold to car maker Fall 2017 $13,000 in parts Factory labor leads to assembled car Winter 2017 $11,000 in labor Dealer buys car Spring 2018 $28,000 for the car Dealer sells car to customer Summer 2018 $33,000 for the car Describe two different ways that these transactions could contribute to gross domestic product (GDP) for the years 2017 and 2018....
The following transactions occur for the Wolfpack Shoe Company during the month of June: Provide services...
The following transactions occur for the Wolfpack Shoe Company during the month of June: Provide services to customers for $24,000 and receive cash. Purchase office supplies on account for $14,000. Pay $5,800 in salaries to employees for work performed during the month. 3. Post the transactions to T-accounts. Assume the opening balance in each of the accounts is zero.   
The post-closing trial balance at 30 June 2020 of Payneham Professional Services is shown below. Transactions...
The post-closing trial balance at 30 June 2020 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2021 are summarised below: 1. Collections on accounts receivable totalled $85,340. 2. Consulting fees of $91,680 plus GST of 10% were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay. 3. Rent paid in advance was $15,240, plus GST. 4. Office supplies were purchased during the...
The post-closing trial balance at 30 June 2017 of Payneham Professional Services is shown below. Transactions...
The post-closing trial balance at 30 June 2017 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2018 are summarised below: 1. Collections on accounts receivable totalled $98,470. 2. Consulting fees of $105,780 plus GST of 10% were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay. 3. Rent paid in advance was $17,500, plus GST. 4. Office supplies were purchased during the...
The table below shows the monthly sales of a motorcycle store during the last two years....
The table below shows the monthly sales of a motorcycle store during the last two years. Month Sales Month Sales 1 195 13 155 2 210 14 120 3 190 15 135 4 170 16 110 5 180 17 122 6 156 18 97 7 134 19 85 8 155 20 110 9 145 21 85 10 165 22 78 11 128 23 66 12 135 24 45 Compute an exponential smoothing and an adjusted exponential smoothing for the data...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT