Question
In: Accounting
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 Equity | ||||||||||||
| Transaction | Cash | Accts. Rec. | Supp. | Equip. | Accts. Pay. | G. Sawyer, Capital | Rev. | Exp. | ||||||||
| 1 | +68,000 | +68,000 | ||||||||||||||
| 2 | − 7,400 | +7,400 | ||||||||||||||
| 3 | +4,400 | +4,400 | ||||||||||||||
| 4 | +2,880 | +2,880 | ||||||||||||||
| 5 | −3,100 | −3,100 | ||||||||||||||
| 6 | + 590 | −590 | ||||||||||||||
| 7 | −1,600 | −1,600 | ||||||||||||||
| 8 | −370 | +370 | ||||||||||||||
| Bal | 56,120 | + | 3,810 | + | 370 | + | 10,280 | = | 2,880 | + | 66,400 | + | 4,400 | − | 3,100 | |
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
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 | ||
| Beginning owner's equity | 68000 | |
| Add: Net income | 1300 | |
| Less: Owner's withdrawal | -1600 | |
| -300 | ||
| Ending Owner's equity | $67700 | |
ekkarill92 answered 3 years agoRelated Solutions
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
+...
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....
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...
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.
Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1....
Transaction Entries
Creative Designs, a firm providing art services for advertisers,
began business on June 1. The following accounts in its general
ledger are needed to record the transactions for June: Cash;
Accounts Receivable; Supplies; Office Equipment; Accounts Payable;
Common Stock; Dividends; Service Fees Earned; Rent Expense;
Utilities Expense; and Salaries Expense.
June
1
Lisa Ryan invested $19,000 cash to begin the business; she
received common stock for her investment.
2
Paid rent for June, $1,650.
3
Purchased office equipment...
Jack opened a cleaning business on April 1, 2020. During April, the following transactions were completed....
Jack opened a cleaning business on April 1, 2020. During
April, the following transactions were completed.
April 1 Shareholders invested $12,000 cash in the business in
exchange for ordinary shares.
1 Borrowed
$5,000 cash by signing a 6-month, 6%, $5,000 note payable. Interest
will be paid the first day of each subsequent month.
1 Purchased used truck for $8,000
cash.
2. Paid $1,500 cash to cover rent from
April 1 through June 31.
3. Paid $2,400...
On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business
On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business:
June
1
Kris transferred cash from a personal bank account to an account to be used for the business, $35,000.
1
Paid rent for period of June 1 to end of month, $4,750.
6
Purchased office equipment on account, $14,100.
8
Purchased a van for $28,500 paying $4,500 cash and giving a...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Why does a particular codon represent only one specific amino acid?
- Write a function template sort that takes two references to generic objects and switches them if...
- What 2 things happen to the melting point of a solid when an impurity is present?
- How Can Hominin Evolution be characterized as " mosaic evolution" Use examples of species from the...
- Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of...
- Mobile and wireless devices are being increasingly used in the Business Administration and Management Industry. write...
- What are the options that might be considered in relation to introducing flexible work practices? What...
ADVERTISEMENT