engagenow.com/in/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignment Session Locator=&inprogress=false<Balance SheetJay Pembroke started a business. During the first month (April 20-), the following transactions occurred.a. Invested cash in business, $18,000.b. Bought office supplies for $4,300: $1,900 In cash and $2,400 on account.c. Pald one-year Insurance premium, $1,300.d. Earned revenues totaling $3,200: $1,100 In cash and $2,100 on account.e. Pald cash on account to the company that supplied the office supplies in transaction (b), $2,150.E. Pald office rent for the month, $800.g. Withdrew cash for personal use, $100.The effect of each transaction is shown in the Individual accounts of the expanded accounting equation.Liabilities(Amts.Owed)a.18,000(1,900)(1,300)d. 1,100b.Cash +сe (2,150)E(800)9.(100)Bal. 12,850 +Revenues:Service feesExpenses:Assets(Items Owned)AccountsReceivable2,1002,100Show Me How++officeSuppliesJay PembrokeIncome StatementFor Month Ended April 30, 20--4,3004,300$3,200+Check My Work 5 mara Chack My Work usas remaining.PrepaidInsurance1,3001,300Print In==AccountsPayable2,400(2,150)250 +The Income statement and statement of owner's equity for Jay Pembroke for the month ended April 30, 20- are shown.(Owner's Investment)J. Pembroke,Capital18,000Owner's Equity18,000J. Pembroke,DrawingAll work saved.100100 +E(Earnings)+ Revenues - Expenses3,2003,200 -800800DescriptionService feesRent expense Income StatementFor Month Ended April 30, 20--Revenues:Service feesExpenses:Rent expenseNet IncomeJay Pembroke, capital, April 1, 20--Investment during AprilShow Me HowTotal InvestmentNet Income for AprilLess withdrawals for AprilIncrease in capitalJay Pembroke, capital, April 30, 20--Jay PembrokeStatement of Owner's EquityFor Month Ended April 30, 20--$3,200Assets800$2,400$2,400100$-18,000.$18,0002,300$20,300Required:Use the information to prepare a balance sheet for Jay Pembroke as of April 30, 20--Jay PembrokeBalance sheetApril 30, 20--Check My Work 5 mare Chack My Work uses remaining.UabilitiesPrint harnOwner's EquityAll work saved.ItSessionLocator=&inprogress=false

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Description: engagenow.com/in/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignment Session Locator=&inprogress=false<Balance SheetJay Pembroke started a business. During the first month (April 20-), the following transactions occurred.a. Invested cash in

Balance Sheet - It is the summary statement which shows the financial position of the company, it…

Business

Accounting

Balance Sheet Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $18,000. b. Bought office supplies for $4,300: $1,900 In cash and $2,400 on account. c. Pald one-year Insurance premium, $1,300. d. Earned revenues totaling $3,200: $1,100 In cash and $2,100 on account. e. Pald cash on account to the company that supplied the office supplies in transaction (b), $2,150. a. b. с d. E Pald office rent for the month, $800. g. Withdrew cash for personal use, $100. The effect of each transaction is shown in the Individual accounts of the expanded accounting equation. Cash + 18,000 (1,900) (1,300) 1,100 Assets Show Me How (Items Owned) Accounts Receivable 2,100 + office Supplies 4,300 + Prepaid Insurance Prim torn 1,300 = Liabilities + (Amts. Owed) = Accounts Payable 2,400 + Owner's Equity (Owner's Investment) J. Pembroke, J. Pembroke, Capital Drawing 18,000 (Earnings) +Revenues Expenses 3,200 Description Service fees

Balance Sheet Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $18,000. b. Bought office supplies for $4,300: $1,900 In cash and $2,400 on account. c. Pald one-year Insurance premium, $1,300. d. Earned revenues totaling $3,200: $1,100 In cash and $2,100 on account. e. Pald cash on account to the company that supplied the office supplies in transaction (b), $2,150. a. b. с d. E Pald office rent for the month, $800. g. Withdrew cash for personal use, $100. The effect of each transaction is shown in the Individual accounts of the expanded accounting equation. Cash + 18,000 (1,900) (1,300) 1,100 Assets Show Me How (Items Owned) Accounts Receivable 2,100 + office Supplies 4,300 + Prepaid Insurance Prim torn 1,300 = Liabilities + (Amts. Owed) = Accounts Payable 2,400 + Owner's Equity (Owner's Investment) J. Pembroke, J. Pembroke, Capital Drawing 18,000 (Earnings) +Revenues Expenses 3,200 Description Service fees

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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