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5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2023, as well as a balance sheet at October 31, 2023. Oct 1 Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business. 2 Paid rent in advance of $9,000. 3 Purchased computer supplies on credit for $2.640 from Abbott Office Products. 5 Paid $4,320 cash for one year's premium on a property and liability insurance policy. 6 Billed Capital Leasing $6,600 for installing a new computer. 8 Paid for the computer supplies purchased from Abbott Office Products 10 Hired Carly Smith as a part-time assistant for $200 per day, as needed. 12 Billed Capital Leasing another $2,400 for computer services rendered. 15 Received $6,600 from Capital Leasing on its account. 17 Paid $1,410 to repair computer equipment damaged when moving into the new office. 20 Paid $3,720 for an advertisement in the local newspaper. 22 Received $2,400 from Capital Leasing on its account. 28 Billed Decker Company $6,450 for services. 31 Paid Carly Smith for seven days work. 31 Withdrew $7,200 cash from the business for personal use. Page 169 17

5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2023, as well as a balance sheet at October 31, 2023. Oct 1 Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business. 2 Paid rent in advance of $9,000. 3 Purchased computer supplies on credit for $2.640 from Abbott Office Products. 5 Paid $4,320 cash for one year's premium on a property and liability insurance policy. 6 Billed Capital Leasing $6,600 for installing a new computer. 8 Paid for the computer supplies purchased from Abbott Office Products 10 Hired Carly Smith as a part-time assistant for $200 per day, as needed. 12 Billed Capital Leasing another $2,400 for computer services rendered. 15 Received $6,600 from Capital Leasing on its account. 17 Paid $1,410 to repair computer equipment damaged when moving into the new office. 20 Paid $3,720 for an advertisement in the local newspaper. 22 Received $2,400 from Capital Leasing on its account. 28 Billed Decker Company $6,450 for services. 31 Paid Carly Smith for seven days work. 31 Withdrew $7,200 cash from the business for personal use. Page 169 17

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2023, as well as a balance sheet at October 31, 2023. Oct. 1 Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business. 2 Paid rent in advance of $9,000. 3 Purchased computer supplies on credit for $2.640 from Abbott Office Products. 5 Paid $4,320 cash for one year's premium on a property and liability insurance policy. 6 8 Billed Capital Leasing $6,600 for installing a new computer. Paid for the computer supplies purchased from Abbott Office Products 10 Hired Carly Smith as a part-time assistant for $200 per day, as needed. 12 Billed Capital Leasing another $2,400 for computer services rehdered. 15 Received $6,600 from Capital Leasing its account. 17 Paid $1,410 to repair computer equipment damaged when moving into the new office. 20 Paid $3,720 for an advertisement in the local newspaper. 22 Received $2,400 from Capital Leasing on its account. 28 Billed Decker Company $6,450 for services. 31 Paid Carly Smith for seven days' work. 31 Withdrew $7,200 cash from the business for personal use. Page 169 40
Transcribed Image Text:5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2023, as well as a balance sheet at October 31, 2023. Oct. 1 Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business. 2 Paid rent in advance of $9,000. 3 Purchased computer supplies on credit for $2.640 from Abbott Office Products. 5 Paid $4,320 cash for one year's premium on a property and liability insurance policy. 6 8 Billed Capital Leasing $6,600 for installing a new computer. Paid for the computer supplies purchased from Abbott Office Products 10 Hired Carly Smith as a part-time assistant for $200 per day, as needed. 12 Billed Capital Leasing another $2,400 for computer services rehdered. 15 Received $6,600 from Capital Leasing its account. 17 Paid $1,410 to repair computer equipment damaged when moving into the new office. 20 Paid $3,720 for an advertisement in the local newspaper. 22 Received $2,400 from Capital Leasing on its account. 28 Billed Decker Company $6,450 for services. 31 Paid Carly Smith for seven days' work. 31 Withdrew $7,200 cash from the business for personal use. Page 169 40
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