7DateTransaction Description July 1Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1Paid the premium on a 1-year insurance policy, $4,800. July 1Paid the current month's store rent expense, $3,600. July 6Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8Purchased repair supplies from Mary's Repair Company on credit, $450. July 10Paid telephone bill, $300. July 11Cash pool service revenue for the first third of July, $2,650. July 18Made payment to Mary's Repair Company, $300. July 20Cash pool service revenue for the second third of July, $4,000. July 31Cash pool service revenue for the last third of July, $2,250. July 31Paid the current month's electric bill, $500. July 31Declared and paid cash dividend of $1,100. Account TypeAccount NumberAccount TitleNormal Balance Assets 111CashDebit 117Repair SuppliesDebit 119Prepaid InsuranceDebit 144Repair EquipmentDebit 145Accum Dep -Repair EquipmentCredit Liabilities 212Accounts PayableCredit 213Income Tax PayableCredit Stockholders Equity 311Common StockCredit 312Retained EarningsCredit 313DividendsDebit Revenue 411Pool Service RevenueCredit Expenses 511Store Rent ExpenseDebit 512Telephone ExpenseDebit 513Insurance ExpenseDebit 514Repair Supplies ExpenseDebit 515Dep Expense - Repair EquipmentDebit 516Income Tax ExpenseDebit 517Electric ExpenseDebit Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Peter's Pool Corporation Peter's Pool Corporation Peter's Pool CorporationIncome Statement Statement of Retained Earnings Balance SheetFor the Month Ending July 31 For the Month Ending July 31 July 31 Revenues: Retained Earnings, July 1 Assets: Pool Repair Revenue Add: Net Income Cash Total Revenue Subtotal Repair Supplies Less: Dividends Prepaid Insurance Expenses: Retained Earnings, July 31 Repair Equipment Store Rent Expense Less: Accum. Dep - Repair Equipment. Telephone Expense Total Assets Insurance Expense Repair Supplies Exp. Liabilities and Stockholders' Equity Depreciation Exp. Liabilities: Income Tax Expense Accounts Payable Electric Expense Income Taxes Payable Total Expenses Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity

Name: 7DateTransaction Description July 1Began business by making a deposit
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Description: 7DateTransaction Description July 1Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1Paid the premium on a 1-year insurance policy, $4,800. July 1Paid the cur

The financial statements of the business includes balance sheet and income statement.

Answered: 7 Date Transaction Description…

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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*Date*	*Transaction Description*
July 1	Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.
July 1	Paid the premium on a 1-year insurance policy, $4,800.
July 1	Paid the current month's store rent expense, $3,600.
July 6	Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.
July 8	Purchased repair supplies from Mary's Repair Company on credit, $450.
July 10	Paid telephone bill, $300.
July 11	Cash pool service revenue for the first third of July, $2,650.
July 18	Made payment to Mary's Repair Company, $300.
July 20	Cash pool service revenue for the second third of July, $4,000.
July 31	Cash pool service revenue for the last third of July, $2,250.
July 31	Paid the current month's electric bill, $500.
July 31	Declared and paid cash dividend of $1,100.

*Account Type*	*Account Number*	*Account Title*	*Normal Balance*
Assets
	111	Cash	Debit
	117	Repair Supplies	Debit
	119	Prepaid Insurance	Debit
	144	Repair Equipment	Debit
	145	Accum Dep -Repair Equipment	Credit

Liabilities
	212	Accounts Payable	Credit
	213	Income Tax Payable	Credit

Stockholders Equity
	311	Common Stock	Credit
	312	Retained Earnings	Credit
	313	Dividends	Debit

Revenue
	411	Pool Service Revenue	Credit

Expenses
	511	Store Rent Expense	Debit
	512	Telephone Expense	Debit
	513	Insurance Expense	Debit
	514	Repair Supplies Expense	Debit
	515	Dep Expense - Repair Equipment	Debit
	516	Income Tax Expense	Debit
	517	Electric Expense	Debit

Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project.


Peter's Pool Corporation	Peter's Pool Corporation	Peter's Pool Corporation
Income Statement	Statement of Retained Earnings	Balance Sheet
For the Month Ending July 31	For the Month Ending July 31	July 31

Revenues:		Retained Earnings, July 1	Assets:
Pool Repair Revenue		Add: Net Income	Cash
Total Revenue		Subtotal	Repair Supplies
		Less: Dividends	Prepaid Insurance
Expenses:		Retained Earnings, July 31	Repair Equipment
Store Rent Expense			Less: Accum. Dep - Repair Equipment.
Telephone Expense			Total Assets
Insurance Expense
Repair Supplies Exp.			Liabilities and Stockholders' Equity
Depreciation Exp.			Liabilities:
Income Tax Expense			Accounts Payable
Electric Expense			Income Taxes Payable
Total Expenses			Total Liabilities

Net Income			Stockholders' Equity:
			Common Stock
			Retained Earnings
			Total Stockholders' Equity

			Total Liabilities & Stockholders' Equity

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