ccounting Principles wrolod beinseo1T (a) Prepare a tabular analysis of the transactions using the following column headings: Cash Dns Accounts Receivable, Supplies, Cffice Equipment, Accounts Payable, Common Stock, and Retained Earnings. Jail rogse Instructions (b) From an analysis of the Retained Earnings coiumn, compute the net income or net loss for June. 2-10 Kiki's Famous Desserts Corporati WEs IGImed Oon July 1, 2007. On July 31, the balance sheet showed Cash $7,000, Accounts Roceivabie $2,000, Supplies $500, Office Equipment $5,000, Accounts Payable $5,500, Common Stock $7,500, and Retained Earnings $1,500. During Au- gust, the following transactions occurred. 1. Collected $1,000 of accounts receivable. 2. Paid $1,200 cash on accounts payable. 3. Earned revenues of $10,000, of which $3,000 is collected in cash and the balance is du September. 4. Purchased additional office equipment for $2,000, paying $250 in cash and the balance on re- ance Tola tine 261 divided BlggAns 3 LOLcpc ccomur ivib bieT ow bie a bozsrdog bool nol bis9 t ebno 9 2 account. 5. Paid salaries $2,000, rent for August $1,500, and advertising expenses $450. 6. Paid dividends of $550. 7. Received $1,000 from Allied Bank-money borrowed on a note payable. boasdo10 8 8. Incurred utility expenses for month on account $500. inor fol iner bis .e Instructions "(a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Office Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings. (b) Prepare an income statement for August, a retained earnings statement for August, and a balance sheet at August 31. %3D 800S ol 000,0E2 101 inomaiups norlotil boasdo EXPLORING THE WEB ino1 vaM 1ol daso 000,82 bis9S ol deso 000.22 bovioooE lngA mi bellid 2o 2-11 The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a "Statement of Financial Accounting Standards," which represents an authori- tative expression of generally accepted accounting principles. quisleTon bis Address: www.accounting.rutgers.edu/raw cotental 2noitani Sour Steps: 1. Choose FASB. 1dtodv ibal 2. Choose FASB Facts.