**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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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…