**Title: Completing a Statement of Owner's Equity****Instructions:**Complete this question by entering your answers in the tabs below.- **Tabs Available:** - T Accounts - Trial Balance - Income Statement - Statement of Owners Equity - Balance Sheet - Analyze**Task:**Prepare a statement of owner's equity.**Statement Details:****SARA-JAYNE PARSONS, ARCHITECT**- **Statement of Owner's Equity**- **Month Ended January 31, 20X1****Table Structure:**Below this header is a table designed to input financial details relevant to the owner's equity statement. The details needed typically include initial capital, additional investments, net income, withdrawals or drawings by the owner, and the ending capital balance. **Important Note:**The blank space in the table is where these financial figures would be entered. Specific amounts would be calculated based on the provided information in related financial documents.**Navigation:**Buttons are provided to move to different sections related to the financial statement preparation:- Income Statement (Back)- Balance Sheet (Next)This layout assists in navigating through different components of the financial statements needed for a comprehensive accounting report. **Educational Content: Critical Thinking Problem 3-2 (Algo) Sole Proprietorship LO 3-1, 3-2, 3-3, 3-4, 3-5, 3-6****Context:**Sara-Jayne Parsons is an architect who operates her own business. Below are the detailed accounts and transactions for her business operations.**Transactions:**a. Sara-Jayne Parsons invested $20,000 in cash to start the business.b. Paid $2,000 for advertisements in a design magazine.c. Purchased furniture for $4,100 in cash.d. Performed services for $6,050 in cash.e. Paid $240 for the monthly telephone bill.f. Performed services for $1,680 on credit.g. Purchased equipment, a fax machine, for $475; paid $75 in cash, with the balance due in 30 days.h. Paid a bill for $610 from the office cleaning service (debit miscellaneous expense).i. Received $1,660 from clients on account.j. Purchased furniture (office chairs) for $605; received credit terms of 30 days.k. Paid $4,600 for salaries.l. Issued a check for $255 in partial payment of the amount owed for furniture (office chairs).m. Received $2,420 in cash for services performed.n. Issued a check for $520 for utilities expense.o. Performed services for $2,210 on credit.p. Collected $960 from clients on account.q. Sara-Jayne Parsons withdrew $2,560 in cash for personal expenses.r. Paid $660 to Quick Copy for photocopy work performed during the month (debit miscellaneous expense).**Note:** This text provides a detailed overview of business transactions conducted by Sara-Jayne Parsons, illustrating common financial activities in a sole proprietorship.

Owner's Equity Statement: It refers to a financial statement that is prepared by the business to…

Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Income Statement Prepare a statement of owner's equity. Statement of Owners Equity < Balance Sheet Analyze SARA-JAYNE PARSONS, ARCHITECT Statement of Owner's Equity Month Ended January 31, 20X1 Income Statement $ 0 Balance Sheet

Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Income Statement Prepare a statement of owner's equity. Statement of Owners Equity < Balance Sheet Analyze SARA-JAYNE PARSONS, ARCHITECT Statement of Owner's Equity Month Ended January 31, 20X1 Income Statement $ 0 Balance Sheet

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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Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…
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