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Bright Futures Company Telephone Expense $ 1,150, Cash $ 3,00, Accounts Payable $ 1,540, Jason Bright...

Bright Futures Company Telephone Expense $ 1,150, Cash $ 3,00, Accounts Payable $ 1,540, Jason Bright $ 800, Fee's Earned $ 15,700, Rent Expense $ 1,400, Supplies, $ 140, Accounts Recievable 1,500, Computer $ 20,000, Jason Bright Capital $ 14,320, Wage Expense $ 4,800, Utilities Expense $ 750, Notes Payable $ 2,400, Office Expense $ 420. Create a Statement of Owners Equity.

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Solution:
Bright Futures Company
Statement of Owner’s Equity
For Month Ended [Date ]
Jason Bright, Capital 14,320
Add: Net Income 7,180
Sub total 21,500
Less: Withdrawals 800
Jason Bright, capital [Date ] 20,700
Working Notes:
Bright Futures Company
Income Statement
For Month Ended [Date ]
Fees Earned 15,700 a
Expenses:
Wages Expense 4,800 b
Rent Expense 1,400 c
Telephone Expense 1,150 d
Utilities Expense 750 e
Office Expense 420 f
Total Expenses 8,520 g=b+c+d+e+f
Net Income 7,180 h=a-g
Bright Futures Company
Statement of Owner’s Equity
For Month Ended [Date ]
Jason Bright, Capital 14,320 a
Add: Net Income 7,180 b=from above
Sub total 21,500 c=a+b
Less: Withdrawals 800 d
Jason Bright, capital [Date ] 20,700 e=c-d
Please feel free to ask if anything about above solution in comment section of the question.

ekkarill92 answered 1 year ago
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