**Educational Website Content: Understanding Balance Sheets****Instructions:**Complete the question by entering your answers in the tabs below:**Navigation Tabs:**- T Accounts- Trial Balance- Income Statement- Statement of Owners Equity- Balance Sheet (currently selected)- Analyze**Task:**Prepare a balance sheet.**Balance Sheet Template:**1. **Header:** - Company Name: SARA-JAYNE PARSONS, ARCHITECT - Document Title: Balance Sheet - Date: January 31, 20X12. **Structure:** - **Assets:** - [Input fields for listing different assets with corresponding values] - **Liabilities:** - [Input fields for listing different liabilities with corresponding values] - **Owner's Equity:** - [Input fields for listing components of owner's equity with corresponding values]3. **Total Calculations:** - Total Assets: $0 - Total Liabilities and Owner’s Equity: $0**Navigation Buttons:**- Previous: Statement of Owners Equity- Next: Analyze**Note:**This template provides a framework for preparing a balance sheet by categorizing financial data into assets, liabilities, and owner’s equity. Ensure that the total assets balance with the total liabilities and owner’s equity. **Title:** Critical Thinking Problem 3-2 (Algo) Sole Proprietorship LO 3-1, 3-2, 3-3, 3-4, 3-5, 3-6Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow.**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).

Balance Sheet: It implies a financial statement that is prepared by the business to account for all…

Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Prepare a balance sheet. Assets Total Assets Income Statement Statement of Owners Equity $ SARA-JAYNE PARSONS, ARCHITECT Balance Sheet Balance Sheet January 31, 20X1 Liabilities Owner's Equity Analyze 0 Total Liabilities and Owner's Equity < Statement of Owners Equity $ Analyze > 0

Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Prepare a balance sheet. Assets Total Assets Income Statement Statement of Owners Equity $ SARA-JAYNE PARSONS, ARCHITECT Balance Sheet Balance Sheet January 31, 20X1 Liabilities Owner's Equity Analyze 0 Total Liabilities and Owner's Equity < Statement of Owners Equity $ Analyze > 0

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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