Create a Balance Sheet from the following transactions from the books of Arts and Styles.  The owner wants to see the result of its operation after a month of existence December, 2020. December   1   Chon Loo invested 1,500,000 and equipment worth 500,000.                      3   Paid Permits and licenses to operate 12,000.                      5   Bought tables, chairs,  on account from SM Malls, 250,000.                      8   Rendered services for cash worth 50,000.                      9   Rendered services on account with a promissory note from Aces worth 30,000.                    10   Bought canvas and paints worth 20,000.                    15   Paid salaries of artist for 6 months, worth 300,000.                    20   The owner withdraw 10,000 for personal use.                    25   Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with                            Interest of 8% per annum.                    27   Collected from Aces  ½ of the account.                    30   Paid SM Malls ¼ of the account. Data for Adjustments at the end of December, 2020: Supplies on hand    5,000. Depreciation of furnitures/ fixures and equipment 20% per annum. Artist salary for the month. Interest expense for Metro  Bank account.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Create a Balance Sheet from the following transactions from the books of Arts and Styles.  The owner wants to see the result of its operation after a month of existence December, 2020.

December   1   Chon Loo invested 1,500,000 and equipment worth 500,000.

                     3   Paid Permits and licenses to operate 12,000.

                     5   Bought tables, chairs,  on account from SM Malls, 250,000.

                     8   Rendered services for cash worth 50,000.

                     9   Rendered services on account with a promissory note from Aces worth 30,000.

                   10   Bought canvas and paints worth 20,000.

                   15   Paid salaries of artist for 6 months, worth 300,000.

                   20   The owner withdraw 10,000 for personal use.

                   25   Borrowed money from Metro Bank 1,000,000 giving a promissory payable in a year with

                           Interest of 8% per annum.

                   27   Collected from Aces  ½ of the account.

                   30   Paid SM Malls ¼ of the account.

Data for Adjustments at the end of December, 2020:

  1. Supplies on hand    5,000.
  2. Depreciation of furnitures/ fixures and equipment 20% per annum.
  3. Artist salary for the month.
  4. Interest expense for Metro  Bank account.

 

 

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